Pros

Dress code is relaxed, unless you are in IS.

Cons

Limited advancement opportunities.
Hastily implemented projects cause grief at every level, from implementation to support.
Promotions are based on length of service, not skill level.

Advice to Senior Management

Quit pushing projects through in a knee-jerk fashion - more time is spent re-doing work or fixing design problems than what it would have taken to do it right the first time.