Pros
PCG has given me a lot of flexibility in where and how I work, in the projects I'm involved in. There's a lot going on, and if you've got motivation, and can politic a bit, you can get involved in a lot of different things.
Cons
Each dev house seems to be a silo. They don't communicate with one another, and different rules and standards apply to different offices. In Montreal, you have a Win7/whatever-the-latest-thing-from-microsoft house. In other dev offices, ITS limits hardware and software to windowsXP or 2003. There's no consistency. Consultants drive the business, but often with unrealistic requirements/expectations, and without communication of a bigger picture. This leads to a lot of one-off solutions that are largely redundant. There's no real communication from the top-down. The company expects you to tow the PCG line and have the cult-of-pcg mentality, but they don't inspire or encourage the way you have to in order to foster that environment. There is no real communication from the top-donw.