Pros
Trial by fire - you're thrown in and immediately expected to learn all skills necessary to be a publicist. Good exposure to the industry and some really interesting, high-level clients. You're taught to be self-sufficient and a jack of all traits.
Cons
Management expects too much and doesn't pay enough. Incredibly high turn over due to abusive management and low pay. Catty, toxic environment. Co-workers are egotistical, selfish, and have a tendency to throw you under the bus to get their way. Management also tends to pin employees against one another in a sad attempt to be "transparent." Management also expects high-skill level and professionalism from employees yet they tend to hire the exact opposite to the point where it's embarrassing. Lastly, expected to work "independently" (sans help from CEO/boss) yet everything requires the CEOs approval, who is backlogged to an extreme, which results in things getting to the client wrong/incomplete - but it is always the AE's fault.