Pros
A great way to get experience in all areas of a newsroom. NY1 allows you to do more than you would at other stations, and the skills you learn are invaluable. Located in Chelsea Market which has a ton of food options. Management is friendly overall.
Cons
For what you are expected to do, the pay is terrible. It is MUCH lower than other stations in the city. You are expected to lug around 70 pounds of gear and drive throughout the five boroughs - in cars that are so old that they barely run. I've never taken lunch once at NY1. I have time for a coffee in the morning, and maybe time to grab something from a vending machine. Many of the anchors are cranky and treat lower ranked employees terrible. Several of them actually scream at news assistants and belittle them. They have an ego problem. The schedule is only posted a couple of days before you are supposed to work. Hours are not consistent - could work a 6 hour day or a 14 hour day with no notice.