Opportunity for advancement and success if you get lucky, otherwise it's just a metter of time.
Pros
Pay is great, but save your money... the severance package will only last you so long.
Cons
Most of the "benefits" of being an exempt employee come with a very high price tag. I am not just talking about the unusually high salaries. Sure, you can take "as much time off as you want" if you don't mind spending that time worrying about if you'll have a job when you get back, or hell... even getting the time to take a vacation at all. The culture of fear is VERY real. There is zero work life balance. When I started I was suprised to see so many 30 somethings who were single and had no kids. I learned quickly that it's almost the only way to keep your job. 60 hours a week doesn't work when you have a family or even a significant other, especially when what precious time you do have off you are worried about work. Feedback is relative to who is giving it. I received my first real feedback session after I interviewed for a position 6 months after being hired. I received positive feedback, then was laid off 2 weeks later.