Pros
Managing a Waffle House is no means an easy job, but it's a great career path for a lot of people. The pay is reasonable, and if you can control your unit and the people, you'll hit your bonuses regularly and make a decent bit more. They also have solid health care and an amazing long term stock option plan. Though that plan is definitely for career employees of 10+ years. If you're looking for a career in the food industry, Waffle House is a fantastic choice. You'll be able to live comfortably off the pay you'd make.
Cons
Managing a 24/7/365 place means you'll have to work nights, often weekends and all holidays. The biggest hurdle other than adjusting to the calendar is dealing with staffing. Some units are fantastic, and others are cancerous. The good news is, as a UM if you stick with the position, you can slowly get rid of the bad and hire in new people, but it's not a quick process.