Pros
Great place to build your expertise. Also a great place to learn alot about what other functions do because there is a good deal of cross-functional work required to get things done. For the chosen few, opportunities abound. Find a manager who is willing to promote you and your talents to top leaders and you will be in great shape. Usually pays well but expect to pay top dollar for insurance benefits.
Cons
Be prepared to be a disposable resource. Performance used to matter. People who worked hard and did a good job were recognized. Now with the economy being what it is (esp since 2009), everyone is disposable when costs and benefits need to be cut and numbers are not made. All one needs to do is be in the wrong place at the wrong time. As for finding that manager who will really work to promote you to top leadership, they are few and far between. It is every man for himself. Because it is highly matrixed, also be prepared to really hone your influencing skills because if your need is not on someone's G&O's, you may not get the help you need.