Pros
Flexibility, to some degree. That though depends on your immediate line manager.
Cons
Where do I start? Senior management is opaque and totally unapproachable. The so-called 'red tape' that binds itself around everything is just a pain to negotiate. Pay is downright bad. Increments and bonuses are at best, non-existent. Growth opportunities fall very much in the same category. Basically, if you are just need a job for the sake of working and you are immune to the world around you, don't give a penny about career, growth, pay etc. and just want a chair to hole in for the long-haul this is the place to be. For people who need a sound work environment, aspire to grow, seek good pay and performance-related bonuses and have a healthy career, this should be your last resort!