Pros
Worked in a North American office for a short stint as one of my first jobs and had a great time. Colleagues were incredibly talented, caring, respectful and hardworking -- probably the best group of people I've worked with. Could've just been the fact that the office/country manager at the time was top-notch and put together a great team. Decent enough pay -- no, you're not getting paid a lot by any means but you kind of come to expect that in this world. If you want to get paid a lot, yes, there are other publications you can go to but you'll be searching for a while for higher pay. Trust me, I tried. Cool events (if you're not the one running them), corporate perks/discounts.
Cons
If you're not in London you're treated as a b-team. London office clearly had a toxic environment (at least at the time) -- the number of times I watched back-and-forth passive-aggressive fights unfold over email by London team members is laughable. Yes, what people say is true: it is cultish around the CEO within the company, and those at the top are 100% yes-men/women to the CEO. What Mr Brule says, goes. Undisputed. Everyone is always on edge to please "Tyler", "What Will Tyler Think?" is asked on just about every topic from (of course) the print magazine and online articles, all the way to layout of retail, office plant arrangements, "mess" (pencils, pens, cables) on desks, the types of cups stocked in the pantry...Tyler has an *incredibly* keen eye, so when he turns it towards you/your office/your team/your work everyone gets buttoned up really quickly. Having worked in fashion, retail, and marketing at similar-sized companies, I've seen SO many CEO's with a similar aura and yes-men/women circles though -- so to be honest, I'm on the side that it kind of comes with the territory. If you're not expecting it you'll be in for a *shock*, if you are expecting it you should be able to weather it.