Pros
You will definitely meet some great people here, although most will not stay long since intelligence and creativity are not fostered or appreciated, so the best and brightest quickly move on (or get worn down). The upside of management being disengaged and not involved with their employees is that it's pretty easy to not do much here, or work on other things, while at work. You can try and make the most of networking possibilities while here.
Cons
No upward mobility. No creativity or long-term thinking. Fiercely attached to the status-quo, and operates under Mad Men-era hierarchies and cult of personality. Completely siloed and inefficient. Made complacent by an erroneous belief that the Grammy brand is solid and respected. (And make no mistake, Grammys are about a brand first and foremost, all else is subsidiary to that--the only reason the institution cares about music or the charitable Grammy Foundation is insofar as these lend credibility to a brand).