Pros
We get to work with fiendly co-workers.
Cons
Developers and testers are demoralized and ignored by out of touch by management. Team members are over-worked and pressured to meet unreasonable deadlines. They get criticized for the slightest mistake. Everyone looks miserable and depressed all day. Many developers, QAs, and team leads have either left or actively looking for opportunities to jump ship. Many empty promises have been made to fix things. Nothing ever changes. No one trusts the management anymore. The development team's management are all inexperienced, disorganized people with no clear vision and strategy. They are out of touch with the realities on the team and each is more interested to add more people under his or her supervision. They don't listen to anyone on the team unless the few dev/QA/team lead who is personally close to them. Anyone who dares to speak up faces repercussions. There is a culture of fear within the team. If you become a target of management, they will find a mistake and exploit it to isolate you or force you out.