Yahoo

You get to work with (sometimes) great people, and hours are very flexible. Some great perks, like an on-campus gym. The culture is very relaxed and easygoing.

Management is just horrendous. A relaxed and easygoing culture breeds complacency and a lack of care for products. People are clueless as to how to improve the business; management themselves have very little idea of this, as demonstrated repeatedly. Negativity externally translates to threefold negativity within the company. The company is just not what it used to be anymore.

Define your business clearly and figure out how to communicate this easily and effectively to employees. Give employees clear ownership of Yahoo as a business. Yahoo does not innovate - there is no sugarcoating this. The more in denial you're in about this, the worse Yahoo will do.