Pros
Company's former focus on being a great place to work means that there are still some wonderful people around to work with and learn from. Some flexible work environment policies were still in place as of summer 2013.
Cons
Completely unrealistic workload exacerbated by almost continuous lay-offs and constant changes in direction that result in the same work having to be done two or three times. Re-orgs are so frequent and severe that they have effectively eliminated advancement potential for entire departments, which is particularly problematic since benefits and merit increases have also been eliminated (and did not keep up with inflation in recent years). High achievers are "rewarded" with a crushing workload rather than incentives or praise.