Pros
The studio is the last remaining production lot based in Hollywood and that makes it exciting. Also, the campus has a lot of services available for employees but both of those benefits lose their luster once the honeymoon is over.
Cons
Senior management are hatchet men and women (although very few of them) who care nothing about the well-being of staff. All employees, regardless of tenure, experience and productivity level should be fearful of the annual fiscal year-end layoff. No promotions from within - open upper-level positions are frequently given to cronies of management without even the pretense of making staff believe they are being considered. Oh, and if you are up for layoff, they act as if the package they are giving you is great: it isn't. And, the movies usually suck.