Pros
I can't think of any, but his may vary from team to team.
Cons
Management allowed Individuals who are superstars at their job to treat everyone around them very poorly. This caused there to be a toxic culture on my team where the work place was filled with lots of negativity. There is a very clear separation of work where the interesting work goes to the superstars and the uninteresting work goes to everyone else. The pecking order was very transparent. When my step grandmother died, I asked to take bereavement leave for her funeral. I was told I had to take PTO instead because it was "step" grandparent and not an actual grandparent. When I was in New Orleans for work a few years ago, a severe weather warning was issued, and the client told us we needed to be out of the building by noon. My superior made us stay till 1:15pm. I have never felt so dehumanized at a company before.