Pros
If you are a part of the inner circle you can come and go whenever you want. Use PTO without deducting it from personal PTO bank. You can say whatever you want to to your indirect and direct reports, without any consequences. Benefits are ok or equal to other employers.
Cons
Unfair or preferential treatment throughout the organization. HR is not seen as a valued, or trusted employee resource. Cannot speak to team members outside of HR in fear of repercussions. Unethical work practices, non complaint hiring processes. Old way or no way mentality. Asks for input and completely disregards suggestions. Hostile working conditions. Poorly managed, entire organization lacks communication, organization and professionalism yet it is tolerated. Very politically charged environment.