Pros
I actually worked from 2002 to 2008. Free lunch as fringe benefit because stores and restaurants are so far away from the office, which is located deep within the Brooklyn Navy Yard. I managed the provision of lunch and it's budget for about a year. Employee camaraderie was meaningful. Christmas parties were a riot-like blast!
Cons
Had to take them twice to New York City Department of Labor for violating my rights and the law. Results: full incorporation as a full time employee with benefits and salary increase the first time around, and salary increase the second time around. Overheard Department of Labor representative speakerphone conversation with Chief Financial Officer of the time (who resigned) as the representative said, "We wouldn't want to open a Pandora's Box". Little incentive for new ideas or innovation. Widespread full time, part time, per diem employment of undocumented immigrants. Whistle blown before government agencies by a high salary staff member. No recognition for exceptional performance or national award winning productions mainly created by lower staff. Management lax attitude was contagious.