Pros
Great camaraderie, great christmas parties, generally very calm office. Great team with good sense of collaboration once you cultivate those relationships with news desk, subs, back bench. Management are supportive if you have a genuine problem and a good track record of work behind you. Publication of stories - and how prominently they appear - is done genuinely on basis of merit and not favouritism. Any reporter at any stage of their career can knock the most experienced of reporters off the front page. Brilliant place to learn the trade (rather than a place to remain for life); if you don't mind hard work and want to do things properly and understand you're really not in a 9-5 job, the editors will like you. Those who prefer to 'knock off early' will really not thrive here or be held in any high regard.
Cons
Long hours: the priority here (rightly, in my view) is creating the best possible product, and you could be taking phonecalls or working on sending extra bits to add to your stories until 10 at night, only occasionally later than that. There is some opportunity for reporters to progress beyond reporter level, but only up to the News Desk (and working on News Desk is a form of self-harm). Problematic employees (including those who bully or harass others) are kept on for years and years, merely shifted around to different departments where they are 'out of sight', but cause further trouble for other people. Virtually no salary increases here in over a decade.