A lot of the longer-time Nike employees I worked with talk about how the place has really changed for the worse over the last few years. Culture and work-life balance used to reflect that the company grew up in Oregon. But as they hire more and more senior people with more of an East-Coast mentality, that's changed a lot.
If you're an intelligent and logical thinker, the place can get pretty frustrating as so many decisions are made focusing either on the next quarterly earnings release, or the next new "shiny thing".
The budget disparities can be very frustrating. A $2000 dollar computer and software that could automate 20 hours/week of work will be denied, but untold tens of thousands get spent to build a snow-mountain to slide down for a party on the lawn in August. One group might do an "off-site" (retreat) for a week in Hawaii and your group only has the budget to reserve a conference room in another building with bland catered food.
It's also a "matrix" organization, which means very few decisions just get made. Everything you might want to do has to be approved by a whole group of diverse people. This can sometimes be good, but it often means nothing gets done because nobody agrees and nobody is willing to put their neck out and make a decision without the group consensus.
Ultimately, it comes down to your management, like anywhere. Bad managers make for a bad environment - and there are plenty of bad managers who will say yes to anything they're asked, with no regard for current workload (or worse, some will lie, cheat, manipulate to make themselves look good). Good managers, and there are quite a few of those too, know how to push back, get resources, protect their people from spurious requests, and get their people opportunities to shine in front of senior leaders. A good manager I worked with was always doing things like, "I want you to present this to the VP - you worked hard on this and you should have the opportunity to show that". On the other end, I worked with a manager who forbade his people from talking with senior leaders without CCing him on the email or having him in the room.
Lastly, it's a company that's dominated by design, marketing, and to a lesser extent finance. If you're in other functions, like supply chain, sales, development, IT, etc., expect to be told to do more with less. Also, Nike is not an engineering or software company, so don't expect to be doing a lot of cutting-edge engineering and software design. You may find that your skills may decline because you're working with old technologies and spending more time on bureaucratic processes than actual engineering work.
All that said, it's an interesting place to work. It can't hurt to try it for a year or two and see if it's a good fit for you. It's certainly not a terrible place for most people, and there are some fun perks (at least for the hired-on employees).
One last thing: You can't really factor in the "CTH" thing - there's a ton of reasons why you might be a great employee but they aren't able to convert you. "Yes, we had double-digit growth this year, but our headcount has been cut and we can't convert you even though we really want to." So you have to be ready for that very real possibility and be okay with it. But on the other hand, once you're "in the system" you can then use that time to network and make connections so that you can be better set up to take other opportunities that might be available.