Pros
As a PM you typically have a good amount of flexibility with work hours and locations. As long as you're getting your work done in the deadlines requested nobody really cares.
Cons
The flexibility about work hours and things as stated above can also be a problem....there are times when I've had to take calls at 7pm that could have very easily waited until the morning during business hours for no other reason than the Senior PM wants to chat about something that popped in his head. Exceptions to rules that really erode trust in upper management when you end up getting the short end of the stick. Means and methods between project teams is complete garbage and needs some serious training / SOP development if we want to become a successful company at our size. It's unacceptable how much variance in workflows / ways of working there is between teams.