Pros
Flexible schedule Ability to telecommute Autonomy You are treated as a professional adult, not over micro-managed My experience with senior management (with a few exceptions) is that they care about getting the job done correctly and will help as much as they can.
Cons
Departments are very siloed. It seems as though no department truly wants to help any other department, they are more interested in not putting anything else on their plate. So, what ends up happening is the group responsible for getting the job done doesn't do it and other groups have to pick up the slack and it causes errors and confusion. No raises were given in 2009 even though one week later, Tom Ryan released a "record profit" email to all colleagues. They used to give the employees perks that made up for the long hours and low pay. I see if becoming more "corporate" now and the perks are disappearing (not that a merit increase is a perk...).