Pros
Depending on who you are - good for people that are good with bowing and scraping, politicians, ambitions with good "social" skills, crave for "security". If you have title "manager" you are good, no matter what you know or don't know.
Cons
Politics, slander, social skills win over anything else, vague, unspecified path for advancement - imagine unrealistic job applications, which they use to control who gets what. If they like you, you are good. What they ask for for L3, no current L3 employee has, but there are employees that have all of the requirements and still struggle. Leaders seem not to be very technical so they do not seem to respect and reward that aspect much (might be wrong here, but this is my experience). Company's definition of a leader here is this: a person that looks at numbers and gives like or dislike. They will not actually lead you anywhere, you have to lead yourself.