Pros
It's fun working with kids and schools. Most young ones are excited about picture day and look forward to having their picture taken. Co-photographers are usually a treat to work with as most enjoy what they do. It's a good job as long as you don't have to rely on the money - will keep you out of the house for a few bucks in your pocket.
Cons
Long-term photographers become very tight and not very welcoming. Company has lost touch with customer-service - removed the service function from local offices and centralized it to big call centres. Customers and accounts never know who they will talk to next. Management blind-sides employees with termination - mid-year or before year has ended - with nothing to back up their decision. Changing roles and elimination of key positions in past few years has lead to lower photo quality and lacklustre training of photographers. Lifetouch has gotten too big and lost too much focus. Pay is horribly low - competitors have better pay structure for photographers. It's now not worth what they pay you - it may cost you more than you make after gas, wear-and-tear on your car, food, etc.