Pros
As a major newspaper, it has more resources and opportunities within the company than others in the region. There are still a lot of talented journalists to work with, and if you're in California (or anywhere in the West), it's still the biggest game in town.
Cons
Like many newspapers, the LA Times is experiencing growing pains. It became a depressing place to work toward the end, but it's not as bad as it would be at a smaller paper. The hierarchy is stodgy; it can take forever to get a promotion, higher-level editing spots are limited and younger people are presumed to have the rest of their lives to reach such an exalted position. As an editor, expect to work some holidays and weekends; most national holidays that your friends have off, you won't. Benefits have been cut back under the new regime, but again, are probably still cushy compared to a smaller paper.