Pros
There is always a new challenge, if you're on the right project or have a high-profile director. Lots of in-house learning and collaboration opportunities. Mostly very nice people to work with, and a pretty diverse workforce.
Cons
It can be hard to take advantage of some learning opportunities or participate in innovations because so many projects are under high-pressure deadlines set be senior management. The company uses Agile methods but does not really buy into the real Agile approach of giving teams a prioritized backlog and letting them define release scope and dates. Instead, whole systems have to be built, migrated, etc., by hard deadlines and the teams have to figure it out. Teams or trains can't easily grow and get people up to speed, so instead directors crack the whip, requiring lots of extra hours and weekend work. Teams are rewarded, but they can't really complain; many teams are mostly contractors and have no feedback power. Directors say they are empowering their people, but then won't negotiate scope or deadlines. The forced distribution performance management process is still in place and creates a negative atmosphere among peers who are in a team environment but are also in an un-acknowledged competition for their jobs against each other. Who will come out on the bottom each year is a matter of constant concern, and relief when it's not you. The CEO is a wonderful person who sets inspiring visions, but I am told he is a big proponent of forced distribution. Also, when he sets an audacious goal, this is what sends the rest of senior management into overdrive on crazy deadlines.