Pros
Fast pacing working environment with challenging issues. Forced to learn how to deal with constant changes and, ambiguities, make quick decisions with limited information, as well as manage multiple things in parallel. You learng to work hard.
Cons
Not much sense in career path development. Management changes constantly, each with different styles, on top of different priorities the company/group has at any time, from cutting head count to building revolutionary products. Constantly receive multiple and contradicting directions from different sources. Politics has been growing very strong. What's important is not what you do but how you present and how you are perceived. Process is for the sake of having a process. People clash on one thing but leave big gap on another thing.