Pros
Responsibility to "own it" given immediately. If you are a favourite, you will get good training and quick next opportunity
Cons
Full of young people that would step over anyone to get the next gig. Breeds a culture of competition based on who shouts the loudest and socialises with the boys club. Its who you know, not what you know in terms of progress. Bullies are rewarded if they get the job done. Poor behaviours are tolerated and accepted as par for the course and HR turn a blind eye to those that deliver short term results. Systems and processes are archaic. Expected to know everything and no one has time to train or develop. High pressure, long hours as its too lean (don't pull in contractors etc when workload gets too much - just expect you to work until 9-10pm to get it done).