If you land in the "good" projects - most of the time they are the smaller projects - you can work with cutting edge technology and have a good team peers.
Cons
In the "bad" project, you may find yourself doing the same tasks for months, working long hours and in the end no one will thank you for it.
Good place for workers with family when both can benefit from each other work place (not necessary in the same company). Family benefits are good.
Cons
Growing is a mystery, low salary, not always latest technologies, bureaucracy, too many old-school and not flexible managers. Sometimes manager is a friend of other manager and not the right person to be in this role.