Pros
A fun product, fun people and the opportunity to dig in and be creative. There's a healthy respect for what different people can bring to the team. In some lines of business, there's a good deal of leeway to throw yourself at and define a project in the way you see fit (within larger goals, of course). Expedia is not afraid to shake things up creatively and look beyond travel deals and offers -- the creation of traveler tools and unique trip planning features (with a focus on engagement capital) is encourages and nurtured. Opportunities and copy and editorial are a lot of fun.
Cons
Frequent reorganizations have resulted in a lack of clear objectives which have hit employee morale pretty hard. There have been 3-4 major reorganizations in the past 18 month. Each one brings new leadership, new initiatives and new priorities to the table. That's not bad in and of itself, lots of tech companies make frequent changes. However, the level of secrecy is pretty high and in several case, the new senior management team took a long time to make themselves visable, giving employees very little direction to go on. By the time transparency did occur, it was time for another re-org!