Pros
I worked in two different roles. In my first role I was mostly working with third parties and my manager let me have great freedom in what I did within the larger confines of my role and with which third parties I worked. This was fabulous. In my second role I led a small team with excellent team members.
Cons
In my first role there was no career path and things changed during a restructuring and the retirement of my manager without these changes ever having been discussed, relatively quickly leading me to my second role, in which I had much less freedom. In that second role, team member composition was determined one or more management layers up. After being reorganized into something like a matrix arrangement things got more murky with having to guide a team that was reporting to someone else whose goals may not align; however, within the closer circles it usually worked out OK. Bottom line: in a company this size, it really depends on with whom you work. This can change every year or so and makes for quite some shift in how you feel about your work.