Pros
We have gone from having no holiday parties to having two this year (assuming you are a director). People are leaving so quickly that is is simple to get promoted. In fact, all you have to do to get promoted is say that you are considering other opportunities. For a young person like myself this has been a blessing. I have gotten several promotions and I know full well that I am in over my head. No other company would have given me such an opportunity. At the rate things are going I expect to have an office an a VP title soon enough. The rumours that circulate through the office on a daily basis are good for conversation and make an otherwise tedious job go a lot quicker. If you are a salesperson you will love this place. One of the recent changes made was simply to double the commission payout. That means you don't have to sell too much to make money.
Cons
It may not last very long. Once the board figures out that the new management is out to lunch, they may come raining on our parade. The best people are leaving. So if you like working with good people this is not the place.