Pros
This is now a production house, which could be viewed as a pro to some people as development decisions are now hammered down and owned by producers. So things get done faster now, but at the cost of development team morale and overall game quality. Blizzard was a fantastic place to work pre-Titan days. Iteration and dedication to the design and player experience was number one priority and the whole company was behind it. Blizzard does have a pretty good work/life balance although some teams crunch way more than others. Blizzard offers decent benefits but does not compete with other top-tier companies in terms of vacation time (It takes 8 years to get 1 more week of vacation). It also has great healthcare (even though it seems to change every year) packages.
Cons
After project Titan failed, things changed dramatically at Blizzard. It went from being a design house to a production house. Now we have producers and business people dictating the direction and scope for games instead of the developers themselves designing great new features for their game. I've been to too many meetings where producers outnumbered actual game developers, which has created a culture of micro-management and over-lording. The producers don't do a good job of listening to the developers and what the developers think are best for the project and instead dictate from on high based on conversations with business and marketing people about what should be done next for each game. The company is very risk averse at this point and the executives are unwilling to layout a vision for the future (or maybe just don't know what we should be doing). Unless it is a competitive PvP game, the company upper management feels hostile towards other styles of games that it could be successful in.