Pros
Decentralized management equals a great degree of autonomy in day-to-day operations (so you don't have a supervisor looking in over your shoulder every day).
Cons
Absolutely no opportunity for advancement- you top out in the team/project and they don't move people out into higher positions No pay raises, yet increasing levels of responsibility- the attitude is that you should just be grateful to have a job. Negative feedback environment- never praised or rewarded for being top performer, yet if you're not a top performer you'll be made very aware of that No work/play balance- you're expected to work as many hours as necessary to complete tasks, even while responsibilities are continually added Support and resources to effectively manage are NOT offered Upper management in general has a total lack of integrity