Pros
Very smart analytics/planning group adds tons of value in the highly-competitive ad agency biz. Also several good TV buyers on staff. Finally, account services got a nice boost in 2012 with some good new hires, although a few of the better account services folks have left--so that's probably a wash. Recent trials and tribulations (detailed in "cons" below) seem to have subsided. New CEO seems to have a good grip on things and should be able to lead the agency through its challenges. Could be a good opportunity for a more senior person or middle manager seeking quick promotion to help rebuild the agency. Finally, they do have three or four big spending clients who seem very happy, insuring revenue/employment for those that remain.
Cons
Basically, the key founder (one of three, the other two had pretty much checked out years ago) left at the end of 2010. As she left, there were two hirings in leadership positions that turned out to be disastrous, contributing to some client defections [and layoffs]. The CEO worked about ten hours a week (I'm dead serious) for the last few years--huge leadership vacuum with the senior managers fighting for turf at the expense of the agency. The two bad hires were let go; and the CEO was dumped by parent company MDC Partners in Sept 2012. But it was too late; damage was done. Net, net, they're recovering from a bad year or two.