Pros
I had an entry level, administrative position. Management completely understood that the job was just a step in my career and not my "actual" career. It was an ideal relationship- they knew I was capable of doing much more than I was and were glad to have me stay and do the work properly; I was (and am) extremely grateful of the flexibility the company gave me to figure out what I really wanted to do. It was an entry level job and everyone realized that but treated each other with mutual respect. I felt valued.
Cons
....like I said, it was an entry level position so the work was pretty mindless. However, I did not have an interest in pursuing this field; for others, it was a stepping stone to more specialized work and they usually hired within. Management outside of the my location did not seem to measure up to the example set by my boss.