Pros
Depends on manager and group, but mine was generally relaxed/pleasant/flexible environment and a lot of autonomy. Great for self-driven learners (see why in cons). Other's may have a different experience.
Cons
As mentioned in others: - Pay doesn't keep up with inflation. - Progression opportunities are limited and criteria not transparent. - Suspect progression seems to be more based on favoritism/superficial impressions than genuine competence. - Minimal mentorship, due to shortage of genuine expertise among senior levels and also lack of interest/the culture. - Company prefers managers over technical experts at higher levels. Very few (if any) senior P6 level subject matter experts. Technical engineers work typically at lower levels. - Doubt managment are given significant management training.