Pros
Dynamic environment that allows new hires to be able to grow and learn wide array of skills. If you get identified as a high potential employee then there would be more opportunities to grow and have visibility with upper management.
Cons
During my tenure, I saw many managers give empty promises as a form of motivation which never came to fruition. Stagnation sets in after 1-2 years and managers are reluctant to let employees change position within the company to learn different skills. They often preach loyalty but would easily fire employees and praise managers that fire employees that were hired for less than 90 days. There is a glaring reluctance/push back from managers around the office when a analyst/associate is in line to become a manager.