Pros
Reinventing a company this size isn't an easy task. I've seen some major changes in staffing in my area as well as major vision changes in a short amount of time. In my opinion, it is amazing it has been as great as it is. The company is so huge...so large, and tries to move like it's so small. Seems to work because there are so many talented project managers and respectful leadership. Everyone seems extremely respectful with each other. Great environment! Bob Pittman is a great man. If you love challenges, there's plenty of challenges to encounter here.
Kontras
Although dedicated, some developers/system engineers can seem a bit mediocre at the times. The superb often find new jobs working with startup companies. Perhaps this works well in a company as large as this one, where the low level workers are effective being mediocre with superb leadership making it sustainable. With the amount, and the way layoffs happen - I feel like I can be let go just as I finish typing this. Maybe this is expected when there is a lot of change going on. If you're afraid of change - stay away from this company at the moment.