Pros
Bloomberg provides a great many resources, including training, travel budget and good pay. A young person with the right credentials can rise in a reasonably short time if they find a mentor who can keep them clear of the internal politics and give them a push when opportunities present themselves. The writing style is restrained, but good for a young reporter starting out who needs to learn how business works and can benefit from the structure and guidance during their formative years. It is a positive that Michael Bloomberg has returned. He's a great motivator. You'll want to run through walls for him.
Cons
Bloomberg owns your life. Accept this. There is not a minute in the day that is not theirs. Although you are working for a news division, it is really a corporation -- expect it to behave like one. The closeness that comes with most news operations doesn't exist. It's a very political atmosphere with a lot of change in the management ranks. They hire a top editor at a national magazine and he or she is the greatest thing that walked in the door. A year later they are incompetent and moved over for the latest and greatest. News editors are ladder climbers and will not have your back. Don't expect that from them. If you can accept this, Bloomberg is a great place to work with wonderful opportunities and you should jump at it. But have a backup plan and move on after you've gotten what you can out of the experience there.