Pros
Even though we are far from real workplace democracy, one can make their voice heard and in some cases the company can make changes. Micromanagement is virtually eliminated, which is a great plus.
Cons
Even though the higher management are well trained professionals, most of the group managers have a complete lack of leadership and people skills and are completely lost at leading a group of 10 people. One example is the lack of team meetings. We just don't sit down to talk about what everyone thinks about work. It happened twice, that there was an important change to be announced, the meeting was announced literally 5 minutes before and we all entered a "quick catch-up" which ended up to last 2 hours, most of which was filled by the manager bragging about his skills, and that the work we do is "super easy" and should not take too much time to solve a given problem. That incident clearly proves that leadership skills need to be improved.