Pros
Despite the newspaper industry's revenue downturn, the Times has solid management who are hard at work to ensure the company's future. The Times' has upgraded to modern OSS technology over the last three years - big plus.
Cons
The Times froze salaries over the last couple years - makes moving to another company difficult if you're negotiating from a lower base pay than you ought to be getting, if you were at another company. Don't expect to advance beyond the job you are hired unto, not unless you're ready to be both software developer and project manager. Project management at the times is nearly non-existent, and the few there have little technical knowledge. Those who can both develop and manage their projects may eventually be anointed into management (read: lots of overtime, and then you're no longer a developer.) Annual reviews are totally skewed: employees are given an overall rating of 1-5, and 95% or more get a 3. A handful get a 4, and one or two get 5. People who get below a 3 are on their way out.