Pros
Opportunities to gain valuable expertise with enterprise technologies, processes and related skills. Work with a great pool of talent in a cross functional organization. Some truly awesome folks serving in senior management making concerted efforts to effect some necessary changes to improve the culture, process and overall business value position of the ITG group. Just understand that radical change can sometimes require radical pain and you'll be fine.
Cons
Projects can often be over committed and understaffed. Success often hinges on resource constraints. Volume of unplanned work often interferes with resource bandwidth and focus. General atmosphere of folks waiting for their severance checks can be emotionally depleting depending on your perspective. Lack of career paths may be hurting retention of key staff. Significant tribal knowledge and lack of documentation for core technologies and processes tend to hinder progress towards next generation solutions.