Pros
Flexibility, work from home (or remotely), most managers are not constantly over your shoulders, pretty good pay and benefits.
Cons
Due to flexibility very difficult to meet people face2face. Lot of CYA type activities due to matrix type organization. Sometimes I do not see my manager for weeks, this could be good and bad. Things that used to take 4 weeks at a smaller company, take about 2 to 3 months here because it's tough to get people together. Expect to work long hours and odd hours as parts of you team may be based all over the world and thus, late evenings for Australia meetings and Early AM for UK meetings. Management impliments processes without input from the folks who actually have to live with it. A lot of Knee Jerk Reactions. People are over worked.