Pros
Doing product development, you will have the opportunity to work with great design tools & be able to do a lot of prototyping. You will also have the ability to work with many very smart people.
Cons
* The amount of manager support you receive seems to be hit or miss. There doesn't seem to be a good plan for introducing people to their roles, so if you are new it's sometimes difficult to learn what process driven deliverables you are responsible for. * There are a lot of processes to follow and sometimes the overhead (meetings) involved becomes a big challenge in accomplishing things because it reduces your time to do work or makes it very difficult to get hold of people you need. * They seem to use a lot of contractors but don't seem to invest a lot of time integrating them into the organization. The result is that you may encounter people you need to work with who aren't well versed in all aspects of their roles or how the organization operates.