Pros
Only pro is you can negotiate a pretty decent salary.
Cons
They treat salaried employees like contractors, cutting bait as soon as it benefits them. As a senior manager, I witnessed this on several occasions. The absolute worst example was a team that had been working on a government contract for 5 years. The contract was nearing completion, and they assured each employee during the months leading up to the end that they had projects to roll them off onto and that there was no need to be concerned about their job status. Instead, the plan all along was to cut ties with the team the second the company's contract was up on the project. They just didn't want anyone job hunting and possibly leaving early. On the last day of the project, they called the entire team into a meeting, on Christmas Eve, to tell them that would be their last day. This included a husband/wife pair with 4 kids. Merry Christmas, your entire family is now unemployed!