Pros
I'll be real: I used to dread performance conversations. Not because feedback is bad, because at every company I'd been at before, it arrived vague or late. You'd get managed praise for months and then a surprise at review time. That changed here. The leaders I've worked with give feedback that's both direct and actually useful, specific, timely, said to your face rather than filtered through a form. Some of them are genuinely excellent at it in a way I hadn't encountered before. You always know where you stand, which means you can do something with the information instead of just interpreting signals. It's not always comfortable. But comfortable feedback that doesn't help you grow is a worse trade than most people admit to themselves.
Cons
Requires openness to change and a willingness to act on feedback quickly