Pros
Provides an environment which allows you to experiment and learn. The work environment is fairly good and without any prejudice of any kind.
Cons
The biggest one is that it is extremely hard to grow within the company. The company believes in very strong labeling, which gets very hard to get rid of. For example - either you are a "technical" resource or a "managerial" resource and it's very hard to get rid of these labels. Very strange for a technology based company where you would expect people to grow from withing the ranks and get to work in cross functional roles. The career growth paths are ambiguously defined, not a place where you can plan to grow in your career. While it is natural for new hires to make more than the existing employees the gap here is unnatural and fosters discontent.