Pros
Playboy is a recognizable name, and looks good on a resume. Their benefits are good including medical, dental, 401k, etc. The environment is nice (for a cube farm) and you certainly don't have to have genius level creativity very often. Best: There are some very dedicated people who are easy to work with, including middle management.
Cons
Playboy fails to fully utilize the potential of its employees - more so as time goes by. They waste talented people on mediocre projects. This is perhaps more insulting than the fact that upper management guards their knowledge very closely, keeping employees in their place with ignorance. Red tape and micromanagement makes it difficult to get much done too. This is typical for large corporations but I saw it more here.