Pros
Great for those who are starting out in their career. Great for those who are ending their career. Great for those who want to work on few projects for longer term, and are ok with things moving very slow. Great culture (at least I think so, my area had a horrible culture, but it may just be the area)
Cons
Very slow to make innovative, and impacting changes. There are a lot of people who's jobs are to push paperwork and they slow everything down, and in this day and age companies need to be nimble. Technology Silo's - team members love to keep their knowledge, it makes them feel important, but it hurts the team; Share the knowledge. Typically with most large organizations, you have leaders who make decisions who have no idea what that impact is for those that actually do the work.