Pros
They can't really lay anyone off since we're below skeleton crew. Also you don't need to worry about trying very hard since raises and bonuses are canceled indefinitely, just make sure you're at your desk prior to 8 and after 5 and you should be good. Plus since we've lost so many people management is pretty scared of the employees at this point, which I guess is a pro, I don't even really know anymore.
Cons
Just about everything. There's no work/life balance here, flex time would mean employees would take full advantage of the company and steal company resources. Those that have been here long enough have bought into the system fully a la Stockholm Syndrome and agree that employees are lazy and greedy. The newbies that are coming on are becoming unhappy almost immediately. The whole thing is just an absolute mess.