Pros
At the local level, as a manager, you get a lot of freedom to do your work as you think best. You have to produce results, of course, but as long as you do, the plant management supports you well. There are a lot of small perks that make the job great, if you can get them (see the favoritism comments).
Cons
Management can play favoritism, and so long as you are in the good/favorite group, things go well. If you aren't, you will be stuck watching others get perks while you don't. Want Lehigh to buy you all the lunches and sodas you can eat and drink? Be in the cool club. Otherwise, you are on your own. Want a flexible work schedule? Be in the cool club, otherwise, you will be dinged for being late (even as an exempt). Want to hunt or hike on the ranch property? Be in the cool club, otherwise "there are rules prohibiting...". Want to be treated fairly? Be in the cool club.