Pros
There is no micromanagement; for any project or problem (at least in IT Department) it's our job to find solutions, predict upcoming problems. New ideas/proposals are always welcome.
Not that I have ever been late with any project, but there are no deadlines, which allows me to put quality code which wouldn't require later maintenance of applications.
Cons
Nothing really.
For some, lack of hybrid work might not be very desirable, but on flip side if you need someone for whatever reason everyone is available during weekdays. Especially for new hires this is very good - way more desirable than hybrid or WFH.