Pros
Yahoo is a good place to land for a project manager if you are tired of the grind of agency work or consulting. Travel is minimal and well funded (always nice hotels, not motel 6). Culture is really hit or miss - some groups are a great close-knit group, while others - if you fell over dead, no one would notice until you didn't show up at a Sprint meeting for a couple of days. The benefits will spoil anyone - working from home is easy to do as teams are sometimes widely dispersed; getting time off was never an issue.
Cons
The internal divisions between product and engineering are debilitating and make it near impossible to get anything done. Priorities are constantly shifting and the work culture has pretty much ground to a halt with all of the drama that has gone on in 2008. It is sad - the company could do so much if the management structure and strategy was actually aligned between the disciplines.