Pros
Nice location in Belltown. Most developers have actual offices, not cubes, which greatly enhances productivity. Some of the developers are pretty smart. Cool technology. Cool media people hang around the company.
Cons
Real exists only as the CEO's ego-plaything. He founded the company and owns enough stock to control the board, yet spends a lot of time distracted by political activism, trying to hang out with "cool" musicians, etc. Rob spends just enough time on the company in order to keep it alive or to send it chasing his latest fad. Sadly, this means that Real will never go anywhere. Even when Rob has had the correct vision, the execution was terrible. Apple, Adobe (Flash), YouTube, and Microsoft have eaten Real's lunch in areas it should have had an overwhelming advantage in. My friends laugh at RealPlayer. Most good people stay long enough to realize the company is a dead end (or tire of the low pay) and then leave, or they carve out niches for themselves and go to sleep. It's hard to fire bad people.