Pros
They have greatly improved outreach to keep employees happy over the last few years (switch to business casual dress year-round, employee appreciation day, etc.). Also have invested a lot to be on the cutting edge of IT. I don't hear many people complain about long hours - the official work week is 37.5 hours (8:30-5:00). For all of the cons listed below, there is good career growth if you are in certain areas, just not across the board.
Cons
The Board of Directors is comprised of broadcasters, who are also the people who pay the company's revenues, so there is an inherent conflict that keeps some change from happening. In general, the Board makes a lot of decisions that should be left to senior management. Also, since the "owner's" do not have a pure profit motive (i.e. they want to distribute all the money to publishers) it creates some odd incentives and does not provide experience in some advanced financial topics. Also, the only people who get true incentive bonuses are senior management (VP's and above) and certain sales people. Everybody else gets a practically automatic bonus at the end of the calendar year that ranges around 3.5%. Lastly, recent court case against Pandora has the possibility to complete upend the entire company's business.