Pros
Job security. "Work life balance" varies by position and your boss and how much/how bad projects are assigned to you.
Cons
Low morale. Little care for employees.... it really depends on your supervisor. Expect a lot of self induce problems created by the organization that have you (as the Project Manager) to be the baby sitter to magically make things happen on time and waste tax payers money because of poor quality in execution. Prepare to be a cog in machine with other cogs, running in circles because of poor planning and high turnover. Mountain of politics. Don't expect that you can manage anything because your job is to tattle-tale and "pushing" things through by bullying others because you got no leverage nor a good understanding of how long things take. Senior management won't care to listen or really take feedback from you because they got their own butt to cover.