Pros
Large company and job fairly secure in development (PMs) are in dev. Org. Annual bonuses are usually given although there are no objectives given which effects what you would get. Manager gets a bonus pool and divides it subjectively across the team. My average bonus over the years has been less than 5 percent of my salary. There are no annual reviews, you get a call once a year from your manager telling you that you do great work and your bonus will be in next weeks check. Women beware woke in at oracle as a product manager, it is an engineering run org and depending on you manager you will be treated differently than your male counterparts...actually it runs rampant.
Cons
Product managers own the problems and have minimal effect on direction. Wear so many hats, hours can be long to keep up - you must be very technical, must be able to write, present, work with customers to get references, assist sales close business, do competitive research, and much more - latest task is a dev mgr just indicated the PMs need are part of QA process...