Pros
Fun environment - when you're not slammed with campaigns and last minute projects or delegated other people's work. Lots of great event experiences and a decent environment to start out your career. Casual nature, small teams, and a good amount of passion from some carry most of the offices.
Cons
Management. All management. From local market, to regional, to the top of corporate. The poor management has run off or laid off countless talented, hardworking, and loyal people all to turn around and funnel those salaries into go-nowhere company projects or to corporate bonuses. Somewhat a toxic environment where favorites are picked, regardless of work ethic, and departments are pitted against each other with little regard for the fact that it needs to be a cooperative environment, not the Hunger Games. Skewed view on goals and no regard for employees, whether salary or work load-wise. Also - the pay is ATROCIOUS for the level of work and the cost of standard of living. Don't even get me started on the benefits...