Pros
The work itself is exciting and always new. No two days are alike. You may spend a morning reporting out a story in a downtown restaurant, have a phone interview with a celebrity that afternoon, fact-check stories for the current issue that evening and report a red carpet event that night. Who isn't motivated by that? The glamour of the job is palpable. If you focus on this, you'll have a great time.
Cons
There is a lot of competition - vicious competition - for the best stories, quotes, sources and bylines. This is to be expected, to a degree, but it goes too far. People have been known to visit others' desks after work hours to steal their files, so as to present their ideas at the next day's meeting. Others take advantage of overly-trusting coworkers to obtain their sources through manipulation, such as "I'll help you with this," and then stealing their source. It's cutthroat. Not for the faint-hearted. There are also few opportunities for advancement - most who advance leave the publication and return at a higher title. Management trusts each other for employee reviews regardless of the basis for their criticisms.