Pros
During their early years the place had some of the most wickedly smart people in Seattle tech and digital media. Their ideas were 10 years ahead of the industry. They still have several distinct businesses that with the right focus and ideas could individually be successful. RobG is a blessing and, well, not. He's incredibly smart, driven and competitive and had a lot of chutzpah to compete against well capitalized companies much larger than Real.
Cons
Tough location for bus commuters or eastsiders. Lots of senior management churn (voluntary and involuntary) hurts their ability to set a course and go after it to win. Their businesses have no connective tissue today. I'd love to see the math on value shareholders would receive vs current stock price if the company just spun off all the business units and distributed the cash.