Pros
For the most part, they are flexible with your schedule but only if they value you. I am a full time, salaried employee who works 45+ hours a week and I manage to find time to get a degree. It's also a good stepping stone if you don't know what to do with your life, you'll learn a lot of soft skills and management skills even if you aren't going into the restaurant industry.
Cons
Since I am super busy, it can be really stressful. If you are stuck with a bad boss, then the job can be completely horrible. You will get called in on your days off, it can be a hassle to use your vacation/sick days, and sometimes you feel like the hard work you do doesn't get recognized just because your sales aren't as high as corporate would like. There have been numerous occasions where other management from different stores will get a large salary increase over throwing a tantrum, yet they do not work any harder than they did before. Sometimes, favoritism gets in the way of senior management thinking.