Pros
You can take time off easily. It's really hard to get fired. The only other pros I can think of are starts with "If you are lucky enough". There are plenty of unskilled people so if are able to learn on your own, you get more challenging work problems and still get paid the same wage as the unskilled taking up space coworker. Eventually you may get rewarded or if you leave the company the unskilled worker may get credit for your contribution.
Cons
There is no incentive for young engineers to stay, lack of career development is very common. Raises are the standard 2% if you are fortunate to get one. Engineering management is often forced into business management duties. Skilled employees have no incentive to innovate. When you have entry level engineers with better skill sets than senior or even senior staff, they still will not get rewarded. There are no bonuses. The amount of time to get a raise is about 3 times slower than it is to find a new job with better pay, benefits, bonus and stock options. Corporate policies are terrible and the root cause for many of the issues.