Pros
Looks good on your CV. Good name recognition. Other people seem impressed when I say I work for MTV. Has the potential to have good perks, i.e. going to the European Music Awards or the Video Music Awards. The vending machines are subsidised. The people you work with can be great. Almost every day I go into work I have a laugh. If you have a really brilliant idea there is the potential to take it far within the company. Occasionally there is free swag; T-shirts, hoodies, hats, books, videos, CDs, DVDs, etc. If you're young and just out of school than it can be a great place to work.
Cons
You work really long hours. There's a bad work / life balance especially if you're single. Somehow the married folk have figured out how to leave the office at 6:00PM on the dot. There seems to be a round of redundancies (layoffs) every year. Out of the past 11 years there have been 9 rounds of redundancies. Each redundancy has negatively affected team morale. You don't need to be that smart to work at MTV so frequently you find yourself working with idiots. Senior management is out of touch with the majority of employees. There is an abundance of red tape. Often there is more work than staff who can accommodate it. Hiring freelancers to help with the workload is impossible during the current hiring freeze, even if there's budget to do so. MTV's freelance rates are low compared to other companies. You are expected to dedicate your life to your job which could be fine if MTV were just as dedicated to us.