Pros
High job security, Easy work, Lots of work, Small quarterly bonuses (profit sharing), lots of scheduling freedom (varies by office).
Cons
Treats exempt employees like hourly that they don't have to pay overtime (no give and take), Overtime expected, Bad internal communication, No standardization for products, coding, UI design, etc (eternal dev cycle). Projects are distributed according to current load without consideration for preference, experience, or ability. All aspects of a job (project management, verifying and fixing install, commissioning) fall on the engineer except the one that should (system design, estimators do that). Large jobs are done by one engineer (support available on task by task basis, no lead time scheduling, no accountability). Losing an engineer destroys productivity for someone else's quarter. Pay is low, no schedule for increases. No method for feedback to improve project processes.