Honestly, this is by far my favorite job out of all the places I've worked.
The discount is 50%, but we also get an allowance twice a year (the amount depends on your position, but it is generous at all levels) to buy a certain amount of clothes. On top of the discount and allowances, we also get "giveaways" almost weekly, where they give us certain items for free to encourage us to wear them to work and boost their sales. Oh, and free sample items for us to evaluate them and give feedback before our store carries them to sell. I got the disco pants for free that way.. it's not just small items. We also get health, dental, and vision insurance, and the pay is amazing compared to what other retail jobs pay.
Dov and people from corporate stop by to check on us from time to time, but for the most part they give us freedom to merch and arrange things how we feel is best suited to the shoppers in our area. They trust us to be to what needs to be done, and people who do a good job don't go unnoticed. A past keyholder of mine now works for corporate, and another past employee has travelled around the world helping to merch stores - another is a store manager in Isreal now!
We get to listen to viva-radio.com at work, which is huge. So basically, we get to listen to whatever we want. None of that one-hour monthly CD on repeat business. We are also encouraged to send in our own mix CDs, which get put into viva for us to enjoy at work!
Lastly, and I can only speak for my own store on this, but I am an assistant manager and while I have to play the leadership/supervisor role at work, I am genuinely friends with everyone I work with. We all get along and hang out outside of work on a regular basis.
If you have a chance to work for AA, you should jump at it. They take care of their employees, it is a great work environment, and you get to wear awesome clothes everyday. I love it.