Pros
Some people are great to work with. Some potential for career growth/development (getting exposure to systems you normally wouldn't in other organizations). Some great relationships can come out of it. Learn what *not* to do.
Cons
Everything starts from the top and trickles down. The IT department is seen as a line-item expense on the balance sheet, not as an enabler of opportunities. If you are not part of the "management boys club", then you are a mere minion. Management definitely lacks leadership and people skills. Management only cares about themselves and how they look to their "clients" (the partners'). Looking good means saving money and maintaining a lean operation. Employees are burnt out - too much to do, never enough time, unforeseen issues always arise, very little (if any) planning, "just get it done and worry about it later" attitude, static/unreasonable timelines, lost headcount is rarely replaced. If something wrong happens, someone is going to get burned for it. Displacement of responsibility (i.e. blame) is common. It is no surprise no one wants to take responsibility/ownership of anything. No transparency. Poor communication. No one ever knows what's going on. Very little opportunities to move up. Very "top-heavy" (management:employees ~ 1:3). Do not foster a "promote within" mentality. Employees are resources that are easily disposable/replaceable. Mentality with technology is so risk averse that it actually moves backwards.