Pros
Other than for incident response, I never felt the need to work beyond working hours. Paid-time off was generally accepted, although I did try to time it outside of major releases/initiatives to make sure that my co-workers didn't need to pick up from my slack. Pay and benefits will continue good as long as you can be aggressive about working towards meeting criteria needed for promotions, which can be hard to hit, unless you have strong relationship with your direct management
Cons
The way the teams are structured is generally cross-functional and by feature-set, so if you are the only engineer of your type for a feature set, it can be hard to push code through review as you always need to reach out to engineers on other teams. This structure can also limit your opportunities to work with and mentor other engineers