Pros
At the time I worked for SpinMedia, there was a lot of editorial flexibility. I got to do fun, interesting, challenging writing for a boss who cared a lot about me. I was also paid very well for the industry and for my experience. When I was laid off, I got a generous severance package.
Cons
Appreciation was low, communication was extremely murky, it was hard to tell what the higher-ups wanted from us. I got one raise with a promise of another, but never got another review, no matter how many times I asked for it, and no matter how much more responsibility I took on. In the end, everyone on my team was saddled with two to three times the workload with no leadership before being summarily laid off. From what I've heard the atmosphere has gotten much less flexible.