Vantaggi
Under Bogle and, to some extent, Brennan, Vanguard was a great place to work. Top notch benefits and work/life balance. There seemed to be a commitment to crew retention (including a midyear "partnership" bonus of thousands of dollars for long-term employees). You felt like you were part of a team. Today, the only thing I see that remains is some of the work/life balance, such as working remotely, hourly flexibility, etc. Most of that seems to be dependent on what manager you're currently under. The on-site gyms are also decent, and there has been an emphasis on making the "galleys" (cafeterias) more appetizing.
Svantaggi
Recent years have seen the gutting of what used to be excellent benefits. Partnership was "reformed" several years back and capped at a much lower level than before (a cynical exercise last year in artificially boosting the payout as a "40 year anniversary gift" aside). Medical benefits remain above average, but are run through Aetna, who cost-cut by misplacing, misfiling, and mispaying claims. Vision benefits are almost the equal of giving employees a $100 bill and deducting $95 from their paychecks for the privilege. Fiefdoms under certain favored managers seem to be encouraged, and political game-playing is at the highest I've ever seen. Our best senior technical people have fled, and those promoted to take their place are too often political hires who have no idea what they're doing. Those few experienced technical crew who remain that aren't interested in management positions are increasingly encouraged to walk out the door as well - particularly if they are, shall we say, of a certain age. I've observed more than one case of someone in their 40s/50s being reviewed as a crucial contributor the company couldn't do without one month and totally worthless/in danger of termination the next. It seems too coincidental to believe upper management isn't the source of this direction.