Pros
It's hard to say what the "best reasons" are to work for myspace. in all honesty, i'd have to say it's good to know your paycheck will arrive and clear because we work for fox, and not a fledgling startup. the culture at myspace is relaxed, another perk, as fox appears to leave us alone. most employees are young, hard working, competent and bright. the name recognition is cool, but more and more i find myself on the receiving end of a litany of myspace complaints as people tell me why they left myspace for facebook. still, myspace might be a sinking ship, but it's still a pretty pleasant ship to ride. if you're smart, and you put yourself out there, you can move around pretty easily and grow career wise. don't forget: young companies afford opportunities you'd have to wait 10 years for at a more established company.
Cons
* upper level management doesn't always seem up to the challenges of running a multi-national corporation. being employee number 30 does NOT mean you are qualified to leave * lack of communication between execs and employees * product weakness - myspace imitates, we don't innovate * past layoffs, with more presumably on the way * diminishing benefits (which i suppose goes with the general downturn in the economy