Pros
The level of talent of those around you is top-notch, whatever your department -- editorial, business, anything. And it's no small thing to work with people who are often risking their lives to report the news. While the benefits aren't great, full-time employees can work toward a pension, and there is a guild to protect labor interests. And though it varies depending on the job, most people have a favorable work-life balance.
Cons
The company makes no effort to invest in its employees' skills or careers, and provides no direction in terms of career advancement. In over four years working there, I have never received a performance review, or even had a conversation with my supervisor about my work and where I'd like to go at the company (except when I initiated the talk). It's almost as if management expects Times employees, being (mostly) reporters, to use their skills to figure all this out themselves. But that's no way to run a company, and as a result morale is horrible, while there is a sense -- fair or not -- that individual managers promote their friends and favorites over more deserving candidates.