Pros
I really enjoyed the dynamic, driven and creative environment. It was an easy-going, laid-back but very motivated newsroom where I worked, but that was more due to our local editor-in-chief than the company as a whole. That has changed a lot though and I wouldn't advise working here right now unless you wanted to get a quick step up in the media industry with a couple of years in one of these newspapers.
Cons
Relentless and consistent cutbacks throughout the entire company left a very sour taste in many employees' mouths. The newspaper I worked in was fun, creative and driven back in 2005 when I first started, but when the recession hit in 2008 we lost half our newsroom staff in one day. That was hard, but we were assured that once things got rolling we'd get back on our feet with some fresh staff. That never did happen. Instead, our staff across the country continued to be whittled down 2-3 times a year to the tune of hundreds of lost jobs. This was terrible for employee morale as we were always waiting for the next axe to fall while at the same time trying to pick up the extra workload left by former employees. It was and is also a very politically driven newsroom so if you're interested in journalism integrity, you do not want to work here. Plus, the pay isn't great at all.