Pros
Real used to be a solid company in the dot-com era. They were smart; they built a lot of good technology, media players and founded Rhapsody as well (still their best product IMHO). There were smart people who worked there and they treated their employees well. They still have a good work/life balance and some decent benefits. Plus the location in downtown Seattle is great.
Cons
The political infighting was really hard to deal with - there were many power struggles that caused people to stop focusing on what was important - getting the job done. Also the senior management changed 2x while i was there in two years and it was very hard to maintain a solid direction. The management would not listen to the plans that their senior managers and directors would propose and often changed direction very quickly. Morale is also very low.