Pros
I am working with one of the best teams I have ever worked with. The individuals collaborate very well and are extremely competent and the end result is both fun and effective. I work with a cross discipline group of up to 25 people that has been left alone by management and has been very successful. The implementation of agile development has been allowed to be driven from the ground up rather than by edict and has also been effectively utilized.
Cons
In the last 8 years there has been a revolving door for middle managers. Unfortunately the best seem to have the shortest life here. I have little trust in upper managment below the CIO level. We seem to have moved to a focus on process rather than product. The benefits are the worst that I have had in a 30 year IT career.