Pros
It all depends on what part of the company you work in I guess, but they offer a relatively flexible work environment - I can make time up for doctor visits, kids events, etc up to 4 hours, after that it's PTO; I can work from home out of necessity (plumber, weather, etc).
Cons
The management has been very top-down. I've seen a number of decisions made by someone relatively high up in the food chain end up causing problems later on, with no accountability ('cause that wasn't their job anyway, right?). With the merger with Embarq having recently happened, the re-org that took place seemed to be a bit of a fruit-basket upset, with managers being positioned in places they probably shouldn't be, my manager among them. A poorly implemented time-tracking process has lead to everyone having no capacity, because senior management gets a red flag when someone is short of 40 hours, so, who's going to not track a full 40 hours? Hmm? There is a lack of cohesion and vision when it comes to managing their website, which may be a result of the recent merger, but there doesn't seem to be any desire to change.