Pros
The one constant at the NYT is a commitment to top quality journalism. Smart, committed people who are devoted to putting out an incisive and important publication. Resources, though getting scarcer, are still adequate. Co-workers are ambitious (and often self-absorbed) but not cut-throat. So while it's not a touchy-feely, esprit de corps kind of place it is collegial and there is some shared sense of mission. Best of all: you feel like what you do actually makes a difference.
Cons
Demanding hours and diminishing compensation make it a tough to have a work/life balance. The NYT always expected newsroom employees to make sacrifices in terms of their personal lives because of the non-stop requirements of the news business. It was hard enough back in the days when the paper paid better than competitors. But as the newspaper business has gone through upheaval, and seen its financial fortunes sink, the demands have grown and the NYT has become less generous. Salaries are lower than a significant number of online news organizations. Pension benefits have been slashed. A large portion of health care costs have been shifted to employees. As a result, compensation is worse now than it was 20 years ago and - barring some breakthrough - will continue its steady decline in the years to come.