Pros
You get to manage your time well; You learn both HW and SW; Colleagues are cool; You get in touch with other parties, and you manage meetings; You learn from a multitude of things and you have nice challenges;
Cons
You can be treated like a tool; You are blamed for things management does; There is no interest in the employee unless it is of company's benefit; You get to be asked for overtime or weekend work; Your salary is delayed; For every problem, management has only excuses, but no solutions; You get to work every-time under pressure; You don't get to work with the boss in the project (he is not involved with you) and you are not helped with info/documentation; You have to know everything and fix everything; Not a friendly, welcoming atmosphere; Management, processes, rules, positions, flows are not well developed; No leaders;