Pros

The schedule is pretty darn flexible if you need it to be. Make it to the meetings you're supposed to be at, generally be available during work hours, and nobody will give you any grief (at least in my area - once again, your mileage may vary). Annual bonus is nice, but definitely not a guarantee. Don't let them convince you that the bonus is where they make up the difference in compensation.

Cons

Forget about having a goal or direction that lasts more than 6 months. I've averaged more than one manager per year. It's hard to get promoted when you're supposed to be proving to your manager that you're deserving of the next level when you don't have the same one for more than 9 months. This probably works great for the career manager, but it's not good for the worker bees, and we're the ones who ultimate do the stuff that the customers consume.