Pros
Engineers are empowered to test new ideas and approaches while working within a framework of team-wide agreements that help maintain consistency at scale.
Cons
Most middle managers won't care about their people and are only looking out for themselves. Upper management is cheap, removing social budgets from teams on occasion, having all team use a single licence of some products, etc. When they play like this, one should suspect they are not legit. They don't honour agreements with employees (for example, promise you stock, even signing documents, then they back off). Instead of having clear exit conditions, many people who left signed NDAs and negotiated some conditions. They do lay-offs from time to time, making up fake reasons so they don't look like lay-offs, and let people go in batches so it's not too suspicious, but it's clear what they do.