Pros
Great for early careers when you want to have exposure to various functional areas; if you're able to do rotations you can acquire a robust set of skills. Lateral moves are much easier and if you're willing to re-locate you can progress nicely and have a long career here. Schedule options such as Flex 40 and 9/80 can add to work/life balance but are dependent on your business unit.
Cons
Progression is based on who you know, not what you know or true merit - many are under leveled due to inadequate funding on programs to support a higher level. Resources are only provided to the more successful and lucrative programs. The company is more geared towards engineers/tech folks and more functional workers may need to go outside to progress. If you have advanced degrees, not much funding is provided for additional training/certification unless required by the customer. Use of comp time varies from program to program - you can work 60-80 hr weeks and get nothing for it.