Pros
Very low expectations of developers. You can basically do minimal work and still get promoted/raises. Good Work/Life Balance
Cons
Putting in effort is not rewarded. People are promoted to your tier even if they really have no idea how things work. Compensation, raises, bonuses, etc could be better. Choices of tech and other goals based on upper management bonuses and not on what the right move for the company is. There is no real career path for someone who wants to grow as an engineer. You will be the one teaching them about engineering. Fear of using new tech because of a breach years ago with people who are no longer at the company. Not talking about bleeding edge, but even tech that is a few years old is just going through long processes to even get approved for development to find out you don't need it.