Pros
Everyone is working towards the same goals and whatever you are working on will have you right in the middle of the action; you can gain a lot of experience in a short time. The lower management truly values your opinion, your team can have a lot of influence on how things are done.
Cons
It's a pretty demanding in terms of work/life balance, that's because teams have to work to support other teams in different time zones. Overall, the rigor is pretty low. If your someone who want's to be held to exacting standards and expect others to give a damn, you'll probably want to look elsewhere. A lot of people have positions that they aren't really qualified to have, so that drags down the overall company.