Pros
Great bunch of colleagues, and it's the only game in town for people who want to work at a big paper in a great city. You can't beat the feeling of writing for a large daily paper like the Chronicle. There are tremendously talented people, you are still widely read in the region (online and off), and you get to go places and do things not available to the average person. When you get it right, and publish a great story, there's no better feeling in the world.
Cons
The paper has no business model and feels like a sinking ship. Tremendous insecurity. Low morale. Sadly, no one can figure out how to turn it around, and so management and the union blame each other. With a shrinking staff, fewer people are doing more work, and no one knows what to give up and what to give emphasis to.