Pros
Due to the vast discrepancies between work performance and reward that the new management have put in place, no one cares anymore, so you can basically not do work and still get enterprise-software level pay. Anything you can do quickly to make your managers and VPs look good to the CEO/CFO will get you heartily congratulated (though not rewarded really, there are no more rewards), and you can spend the rest of your time doing whatever you like. Other pro: The balance sheet will likely actually look better this time next year than it did this time last year, due to axing most product support & development.
Cons
Doing great work will no longer advance your career, and unless it's directly in line with the CEO's visions (distinguishing between 'vision' as in clear and defined corporate strategy, and 'visions' as in you ate the mushroom), it will likely be lost work in the long term.