Pros
Its a great way to make a lot of important contacts, especially dealing with business customers, and of course there are perks and incentives like discounts and other accommodations. In many cases as well there are some very passionate people working there and they can be some good friends as well.
Cons
Some cases there is some unfairness as far as how promotions and raises are handled, but thats more or less a thing with individual managers not wanting too much change, one of the things that bugs me the most is that if you are too good in one area they wont let you try to get good and move to another area because they have to rely too much on you in that first area, it hurts especially when on that track there is little room to move on up the ladder.