Pros
Good place for aggressive, young and bright people. You can gain a lot of responsibility quickly if you show your potential. Risk takers can be rewarded. Not for the faint of heart, kind of a heartless system. Job security is iffy, but you will learn a lot if you either stay with the company or get bounced.
Cons
Potential is rewarded and cultivated. Older mid-level employees don't seem to fit in the game plan. No pension-401k only. Bonus money for performance is part of the game plan, but rewards that I saw were pretty arbitrary and didn't amount to much. Job security is a problem-steady reorganizations leave a lot of people as odd men out, regardless of past performance. Cut first and hire later if you've over done it seems to be the general principle.