Pros
flexible schedule, some work very interesting (only because I love the subject), some very smart, committed people, doing great work inspite of management.
Cons
no future, regardless of your accomplishments. everything is boiled down to a "metric" or number. How many X did you you do, not what did you do and what value came from it. Management has 2 or 3 favorites because they keep their mouth shut - comply don't think!! No critical thinking here. Again, very little advancement. I've seen outstanding workers, very productive committed people, at the same level for 30 years. Forget about any career development - althought it's spouted by senior executives, there are no chances to learn or further develop your craft. Everything I've learned here is beacuse I did it myself without going through managment. And did it on my own time.