Pros
Good editors, lots of story opportunities, good pay. A great job for any young reporter looking to get their start.
Cons
Not a lot of direction or mentorship, and the direction you get can sometimes be a little clueless (not the fault of the editors so much as a fact of a limited staff dealing with a pretty big operation). Editorial judgement can sometimes be a little over-cautious, sometimes too eager for cheap traffic. Web strategy, at least when I was there, was all over the place, with policies changing from week to week. Very confusing.