Pros

Many very competent engineers with hands-on experience and also very talented designers.
Great ideas and products when not MCMed to death.

Cons

Middle management was too worried about their little area and their bonus to make the best decisions for the company, but I blame upper management for setting up the platforms the way they did to cause the mess.
When upper management was doing things right, middle managers were failing to follow through or implement. They were too worried about spending a buck or two to provide necessary tools and keep very good people.
Upper management got their hands into the styling of vehicles when none of them were qualified to do so, taking what often started as a great design and completely screwing it up. "Take the front of concept one, put it on the back of concept two, and add a little swoopy character line right there".

Advice to Senior Management

Let the design studio do their job and stay out of their way.
Listen to the engineers in the trenches; they know what's going on, where there will be issues, and where to spend the money.
Get rid of the incompetant CYA middle managers.