Pros
Amazing co-workers, access to scripts, free and discounted tickets to shows, nice office, and great benefits (when they actually give them to you after a 3 month "trial" period, or longer.). You'll make friends for life and meet like minded people. You also get to interact with agents, authors and other industry people. Good intro into the NYC theatre scene.
Cons
Low salaries, hardly ever any raises, no respect, no room for advancement, some members of upper management are a joke and the ones that aren't unfortunately don't really have any say. When the CEO of the company lets anyone and everyone know that he "hates theatre," there is a major problem. Bottom line: There is no where to move up, and they want it that way. Most positions at this company are looked at as "entry" level positions. Upper management, in particularly the CEO, want you out of there as soon as possible; that is why the salaries are some of the lowest in the industry and raises rarely happen. They just don't want to invest in their current employees because they expect you to be gone in a couple years. Employees that have been there less than a year will be "promoted" over employees that have been there for years. It is bad for everyone but even worse if you are a woman. Being an "ambitious" woman here can be looked at as a negative attribute and your accomplishments will be diminished. You will also be treated like a child, even though the average age of most of the staff is probably 30s.