Pros
Opportunity to meet incredibly smart and ambitious people, great way to extend your network for when you inevitably get burnt out or pushed out. Cross functional team work lets you learn a lot about the business as a whole and expand your knowledge/skillset for different areas you may never knew you enjoyed. Exposure to many businesses you may never have heard of, chance you may find one you really enjoy or feel passionate about.
Cons
Frequent turnover unless you are considered a "lifer" in peoples eyes. Those that have been there for several years will blindly have each others backs, even when they are blatantly in the wrong. You have to be very careful on who you can trust due to the above. The game of telephone can happen very easily depending on who you think you can or can't trust. Burnout is real, sometimes impossible to get your work done in a standard 40 hours work week. That said when management sees you send an email on the weekend or "outside hours" you are told "you shouldn't be doing that" yet when you don't complete the work you feel the wrath. Bureaucracy is insane within some departments, instead of allowing the ICs do the work they were hired to do management will step in and take control then come down on you for "not being present so I had to step in." If your name isn't explicitly on the work, ticket, project, email you are considered not doing your part. It's in your best interest to elbow others out and control all communication if you want to look good.