Pros
Tremendous colleagues. Some of the most talented journalists I've ever worked around and, generally, a collegial atmosphere. Your work matters and is read widely. Reasonable quality of life/work-life balance. And there is no shortage of ambition. Pay is pretty good, by industry standards, at least for experienced journalists. And having the LA Times on your resume - not to mention the stories you'll get to write - can open a lot of doors.
Cons
Tremendous uncertainty about the future of the industry, and about the future of the LA Times and Tribune/Tronc specifically. But that's hardly unusual these days. Not long after I left a major round of buyouts pushed many experienced veterans out the door (along with some dead wood), and since then more people have jumped for new jobs of their own accord. Like any big newsroom there's lots of politics and bureaucracy to navigate. Top leadership is not of the caliber you might expect at a paper of this stature.