Pros
If someone can fool management (which is easy) then that person can enjoy luxury, good pay and perks without any effort. Promotions depends on your relationship with your manager and his/her peers. Persons capability is given relatively less weight. Personal growth will be good if a person manages relationship and be yes boss always. The moment person gets into discussion mode growth stops. And mostly you will be forced to leave company. Personal growth in comparison to external skills will be Zero.
Cons
Office Vulture is pathetic specially for lateral hires. No one wants to learn from other. Every department is re-inventing wheel. No good/bad practice sharing. Decisions/processes made/change without looking at good/bad experiences of people working on ground. Copy cat mentality. Senior management always talks about changes as competitors are doing instead of innovation.