Pros
Relaxed environment. If you get the right tech lead/guide/architect, one can learn a lot. Developers who just get smart solutions for problems are recognized at the last, while the guys with bragging rights get it first. (At least doers get it some day)
Cons
Even if you don't work they sometimes don't care. Immature Management skills. Poor people management capabilities The top management want to change the company way of working and bring it back to stability, but they are facing resentment and politics from middle management, so the right message doesn't get passed through, in the org hierarchy sometimes...For example top management wants people to work hard and bring the org back to profit making...This message has been never permeated to the teams my their product management/people managers