Pros
Team sizes are "ok", doesn't get bigger than 200 people. It's ok if you compare to other big studios and there isn't *a lot* of outsourcing.
Cons
Core teams are unable to scope. Whatever which of the two production teams you end up working with. Ramp-downs and ramp-up have always been a mess. You never know where you'll end up going soon enough, sometimes you learn on the Friday PM that on Monday you are going on the other project.