Pros
Grammy tickets (two per employee, which you can give away if you work during the show) are the big perk. Benefits are good, with great 401K matching. Good number of days off, too. So this is a great gig if you just want a 9-to-5 with good benefits (maybe 'til the band makes it.) Ambition here mostly centers around how good your seats to the show will be.
Cons
NARAS is like a trust fund kid who has never really had to work. They get a big check from daddy (CBS) every year and mostly waste it. There's no serious business afoot. Senior management is hopeless -- the management equivalent of the first world war, with warring department heads dug into trenches, locked in endless, fruitless battle, while a non-confrontational chief pretends all is well. Anyone with options down the foodchain usually leaves after a few years when they realize there are few opportunities to move up. Except for senior execs (most of whom have very long tenure), pay is low compared to for-profit companies.