Pros
Most people will say the employee discount you receive on merchandise. My feeling was lack of management allowed for tasks that needed to be completed to get completed without the hassle of a manager over your shoulder bogging down your productivity.
Cons
If you think you are important, great, but don't expect praise or even recognition on tasks that you go out of you way to complete. And I am not talking about tasks you should do as taking pride in your store, I am talking about them making you stay for overtime to complete large tasks with fellow co-workers and not even getting a thank you after. Also because management is incoherent to what is going on, don't ask to be supported in making a decision on store policy or what is good in general, you will be left hung to dry because making that dollar is more important then your value as an employee.