Pros
After a year of being hired you are able to move to a different position within the company if you want to. You are not restricted to the department you were originally hired with if you don't want to stay. In order to get promoted to the next pay grade/job level you'll have to do this.
Cons
Distribution of work is not even, in my general group the major of my coworkers are overwhelmed with work while other have barely anything to do. Title padding occurs within the company. They expect you to operate as if you are at the management level with pay that does not equate to the responsibilities that you are given. The base pay is very low compared to others in the industry, and the bonus given was 1.8% of the base pay. There is no room for advancement to the next level. If you like workplace politics this is a great company to work for. "Favorites" get promoted while the actually hard workers don't.