Pros
People really care about their work, ego doesn't usually get in the way, they're passionate and committed to quality. When you spend time in another country that doesn't have a publicly-funded broadcaster you realise that the work the ABC does is essential and Australia is very lucky to have it. Most of the time the content is high quality and fairly non-biased (at least compared to commercial media). No ads or commercial pressures are an absolute godsend, and the talent there is truly world class, particularly in radio and audio.
Cons
Usual gripes of a public broadcaster - very bureaucratic, everything takes too long, it's too white, there's favouritism, I came across many instances of women being paid less than men for the same work, but people put up with a lot of crap because as far as media goes, there aren't a lot of options other than in commercial media and that is such an emotional drain (I used to work in both). I do feel the ABC has been under a lot of pressure in recent years and has definitely been affected by the relentless attacks from Murdoch media and the conservative government, and debilitating budget cuts, but not all of the issues at the ABC have to do with that.