Pros
I've worked for two other companies since 2011, and what I miss most is the flextime policy and reasonable utilization expectations. The company has an official policy on flextime, but my local office took it one step further and allowed us to work extra in any two week period to make up for a full day off (either before or after, just so it was the same pay period). Because of this, I was able to bank several weeks of PTO in just three years. Also, we were only informed of our utilization rate and how far off we were once a year and it was mostly my managers responsibility to fix it, which makes so much sense. My current employer puts almost all the pressure on the individual employee and reminds us daily. I should also mention that although they laid me off (obvious con), they did offer me a pretty reasonable severence pay (2 weeks, plus the remaining 4 days of the current week) along with an immediate pay out of the month worth of PTO I had accrued. This, along with unemployment, meant that I actually made more money during my 2 months between jobs than I did at either job!
Cons
To be honest, it was an amazing experience- while it lasted! My only complaint would have to be a lack of work sharing between offices, which ultimately let to my layoff. My local office had all its eggs in the state government basket and when stimulus money ran out, the were forced to cut a few of us loose.