Pros
They truly do have a hands off approach to veterinary hospitals as long as you are stable. Our hospital environment did not change. They don't tell you how to practice medicine or manage your employees. We had a very successful hospital when it sold and literally the only changes have been accounting procedures.
Cons
If you are not profitable you can't afford salary increases. A lot of the complaints I see written here are directly related to how the hospital is run on a day to day basis and if those individuals are doing a mediocre to poor job there will be problems. Also privately run veterinary hospitals have a horrible reputation for not pricing appropriately and then staff get upset about what they interpret as greed when prices go up. There really have been no cons although I would agree working thru the channels to get equipment can be slow and tedious sometimes.