Pros
Comp time for working long hours/weekends for projects. Opportunity to be put in charge of large, important projects (mainly because there's nobody else to do it). Lots of travel, which is fun for the most part. A select few can work remotely, dependent on your position.
Cons
No career path in any department. You are only promoted if you stick around for 5 - 10 years and hope that everybody else has quit by then. If you're willing to sacrifice your personal life for the good of the company, then you might get rewarded. Promotions and raises are extremely subjective, there is no process in place for determining who is worthy and who is not. Most promotions and raises come when employees threaten to quit. All the best employees end up leaving anyway. Teamwork and camaraderie is non-existent due to the fact that everybody is unhappy with their job duties and compensation. Morale is extremely low and motivation is non-existent. All the pressure in the world coupled with the salary of a grocery store clerk.