Pros
By many objective measures and accounts Atlassian is a great place to work. They have top notch benefits, pay, PTO, and work from anywhere policies which rival many much larger companies. Uniquely they are one of the few organizations this size still offering remote work. Even with the drop in stock, unless you needed the equity to meet your living expenses, you would still be better off financially here than at a startup. The company provides a good balance of stability and being able to still have impact as an individual. Atlassian should be a 4 or 5 star organization.
Cons
But they aren't one. People often point to the intro of APEX as the reason the culture declined. APEX was a tool to raise the floor on performance which was not a bad thing but it was done without raising the bar on hiring, rewarding high performance appropriately, and other processes that exist in other organizations with similar performance management to provide carrots in addition to sticks. This is one of two organizations I have been at where rewards are only given to those in the right circle. It doesn't matter if you come in and transform the culture and teams, you will not be given the same meaningful opportunities. They will just extract what they need from you and let you to figure out the rest on your own. Privilege and power are not distributed or redistributed based on your contributions but who you enjoy working with. This would be fine if outcomes were there but instead these groups exist because they tolerate doing "enough". Instead high performers are expected to pull the weight and held to a higher standard than their peers (at the same level). That seems dangerous for an organization that is trying to grow.