Pros

It all depends on which division you end up working for. My particular division was made up of bright, educated, and personable managers who cared about their employees. I received significant recognition for the work I performed and never felt like I was mistreated by upper level management. In fact, the most senior managers (senior and executive VPs) paid a lot more attention to me than I would have ever expected! I was paid the highest compensation I could receive at my level, though management wished they could have paid me more. They more than compensated with company paid training (foreign language and grad school) and cash/gift bonuses. It was a great place to work and was extremely difficult to leave for a new opportunity.

Cons

I've heard nightmare stories about other divisions, so it's all in where you end up. The only downside was apathetic admin/HR support and some lower level backbiting, but that's pretty much the same everywhere.

Advice to Senior Management

Continue to reward great on-site managers and develop training methods for new PMs based on their example.