Pros
Good if you're starting a career since no one else knows what they are doing either. This makes for an environment in which it is easy to shine. There are also advantages to having subsidiaries all over the country. It makes it easy to transfer elsewhere but still maintain your benefits rather than starting over with a new company. There are plenty of opportunities to clean up the messes of years of acquisitions. The benefits are decent, even if the vacation and holidays are average. The company has the resources and even the infrastructure in place to shine if senior management steps out of the way if they won't lead the way instead.
Cons
Sclerotic and incompetent senior management. No forward thinking and always focused on the bottom line. Senior managers are chosen based on chumminess with those in power rather than merit and skill. The company is stuck dealing with Internet publishing as if it were print publishing. This leads to an overly cautious approach to new technologies. Senior management is loathe to make decisions so that some of the simpler ones may take weeks or months to make. Instead of fostering innovative approaches to problems and forgiving failure, the company rewards caution and punishes failure. Heavy emphasis on cost-cutting but not innovation. Forget decent or even fair pay. You won't ever get it here.