Pros
eBay is a good, established brand, providing a valuable service to many people. It is seen in a positive light by many people over many years' of use. The junior and mid level employees are hard-working and committed, who really want to do a good job and make something great happen. They will work hard for a year or two, while their motivation holds out. The company also does very good customer research, and has good insights into users. Better than any other place I've known. This information is distributed and well absorbed, even if hard to convince management to act uppon.
Cons
Clueless management; very political decision making and promotions. Not at all objective or bottom-line oriented. No investment in the future of the company. The eBay "Behaviours" are used to beat down employees, and the people that get promoted are typically the ones that exhibit those behaviours the least. No one at the senior management level has any idea of what technology or internet products should look like. Complete lack of technical competency - management has forgotten that they are primarily an internet company, and only secondary a "retail" company. Thusly, the world has lost interest in eBay, because it's simply boring. For the website that pioneered the concept of Community, its absence from the field of Social Networking is mind-boggling.