Pros
A reliable paycheck, a lot of the staff (non-management) is really nice and easy to work with, free bagels each week (Fri-Sun), that's about it...
Cons
Micro-managing is rampant. Too many people focus way too much on the small stuff and let good ideas for progress and innovation go to waste. They are generally understaffed and overworked, and favoritism is HUGE here, especially on the .com side, so if you're not "in" with the higher ups, forget ever getting promoted. Managers expect you to eat/sleep/breathe Newsday and then penalize you for trying to have a life outside of work. The health benefits are terrible and there is no such thing as overtime pay on the web side (good luck ever being able to take the "comp time" that they'll promise you).