Pros
The flexibility here is unmatched which is the single and only saving grace.
Cons
Teams work in silos with little to no cross-functional collaboration at all and upper management wants it that way. It makes getting things done very difficult and it makes doing things well nearly impossible. A select few individuals basically run the entire show so if you don't play by their rules, you don't have a place. There is no HR team, it's all farmed out, and therefore no support for any internal issues that may arise. The communication from leadership to the team is nonexistant, unprofessional, and all done under the guise of "keeping it casual" until you realize that it was all done as a way to manipulate you so there is no paper trail of anything.