Pros
Excellent flexible work arrangement possibilities for some IT staff--work from home one or more days per week, or have a compressed work week (i.e. work more hours a few days per week or pay period and have one weekday per week or pay period off). Very good pay for certain positions. Fairly generous time-off accrual and a PTO 'cash-in' option mean one rarely can't take time off or benefit financially from not taking time off. The environment is fairly casual with respect to expectations. Anybody with any competence is very likely to find it easy to appear much more capable than his co-workers (but: see the 'con' re: tolerance of inferior performance for why).
Cons
The benefits package underwent a huge downward 'adjustment' in the 2012/2013 year; I would rate them at well below average Communication from the executive level down to the lowest supervisor is painfully absent. Frequently direct supervisors and their immediate supervisors provide conflicting information regarding policies or new initiatives. Within my department it is clear that the managers and their director are frequently on completely separate pages. I have been told two different things by my supervisor and his boss on more than one occasion. It is also very clear that my immediate supervisor, his peers and their boss do not have a unified direction in mind for the department. There is nothing that binds our teams together, or even that binds the individuals on my team, to work toward a common goal, so I often find myself wondering why we're organized the way we are. I work directly with individuals in other teams and departments, and it seems this isn't just my department. There is a high tolerance for continued inferior performance and competence among management and non-management alike. I often find myself thinking it's subconsciously deliberate so that an environment of expected mediocrity is the norm: that's demoralizing. Compounding this is a glib and ready hand to hint at the prospect for promotion, but it always seems to be "6 to 8 months" down the road.