Pros
You learn to work in very stressful environments for low wages. When you leave you are very prepared more than most to handle a crisis when getting paid a great wage. You get to take on a ton of responsibility because your manager probably doesn't understand how the systems work. You quickly learn that the squeaky wheel gets the grease. Sometimes you get to see celebrities in the hallways. You can wear jeans to work if you work in programming. You can pretty much say whatever you want on the air (besides profanity) if you continue to bring in money.
Cons
You have no choice but to work in very stressful environments for low wages. You get to take on a ton of responsibility because your manager doesn't understand how the systems work. You will also get low wages and no credit with corporate for doing so. When you ask for a raise your manager likely tell you to make your own raise, and create something during your off time so the sales team can get you "endorsements". Want some tickets to a popular event in town? Too bad. The sales department/upper management has already claimed them and will bring their own children. Asking your manager for a raise again? You might get the answer "Have you looked at our business lately" or "I'd love to give you a raise, but it's not up to me". You have no choice but to come in and work during weather emergencies. If you don't or cannot - your manager will passive-aggressively punish you afterward. You can pretty much say whatever you want on the air (besides profanity) if you continue to bring in money.