Pros
The daily voluntary/involuntary turnover has provided a substantial amount of opportunities for folks within the company. The CEO is continually moving the company in the direction towards his vision. Unfortunately that vision is for a failed company and the direction is down, but hey, this company is going places! Over the past year I have actually seen several people breakdown and cry in the office. While I know that doesn't sound like a pro, I'm going to add that one to the list of Pros since fortunately I haven't been one of them. And did I mention the Gracenote Jam?
Cons
This might be the most poisonous environment I have ever worked in. You can't enter the lunch area without hearing where your coworkers are currently interviewing or who resigned that day. It's openly talked about. Management doesn't seem to care all, if anything they actually seem to enjoy it in some perverse way.