Pros
Depends on which office you work in and who your supervisor is -- some supervisors can't help but micromanage to the point of trying to control what you use your vacation time for! Others are very relaxed. Lincoln Park has plenty to do during your lunch break and the Ray Meyer fitness center has good classes and nice facilities.
Cons
Eliminates positions and puts the responsibility on remaining staff without an increase in compensation or other benefits. Pay is mediocre, and don't expect much of a raise even if you have worked really hard. Performance Appraisals are rarely accurate -- even if you have "Exceeded Expectations" in all or most areas, your supervisor probably won't mark that on the actual form because then they'll actually have to give you a raise or some kind of promotion.