Pros
For certain levels of Engineers, hourly compensation instead of salary makes up for the often time of long hours. Inconsistent middle management and the challenge of transitioning to ITIL V3 is causing a lot of confusion within the IT team but this also creates opportunities for qualified people. Although there is generally little career guidance, I felt that one could create one's own program for advancement and if the individual was good at what they did, opportunities are often available. Basically one can write your own ticket. Telecommuting is supported and the tools work well.
Cons
Some poor middle management and poor leadership within the upper middle management tier. Depending upon department, raises were seldom seen or were so small that they were almost an insult many .