Pros
If you get the right manager you have a really good opportunity to learn and grow.
Cons
HR could use some re-evaluating. Generally project manager have little experience in the work done by the people they are managing, so they don't lead teams down the right directions. When things go wrong they are first to point fingers, when the only contribution they have made is organizing/planning and making last minute requirement changes. Senior management makes middle management feel like there is a lot of chaos and organizational disfunction, so employees have little trust in what their managers say because it could vastly change quickly. There is also hints of discrimination from upper management, they hide behind the fact that the new CEO is a person of color.