Pros
Work flexibility is amazing. The ability to wake up in the morning and decide that day if you telework or go in is nice (assuming you live in a city with an office). No one watches your hours. You are trusted to get your work done.
Cons
If you are an RPCV or non-term-limited person, your career options are limited. Also the org cares about certain initiatives and concerns while others aren't as important. For instance, it has pursued cost-recoverability (a good goal) to the detriment of other important goals such as diversity, education, knowledge management, and its mission. It seems more focused on building software than reaching its mission which it can't do by building software alone. Your experience varies wildly depending on where you are located and who manages you such that culture is inconsistent. And there are a lot of people concerned with their position and title in a hierarchy instead of just doing good work. Too many people require that they be involved in decision-making and there are examples of many anti-patterns such as seagull management, loose cannon development, micro-management, and intellectual violence. So it has a stronger allure from the outside than the inside and people easily become disenchanted. Also performance reviews are carried out in an inconsistent matter so your review depends on whom your manager is rather than on your work.