Pros
The organization is trying to increase diversity -- both of ethnicity and thought. If your first line leadership some leadership skills, your contribution & talent will be recognized. The organization has provided the structure and mechanisms for recognizing and rewarding employees who work hard and deliver successful outcomes.
Cons
Just because the structure is there, does not mean that leaders' employ it. It is a highly political, finger pointing, lack of accountability environment. Of course, you need to produce to be considered for promotional opportunities. Most professionals expect that. Unfortunately, that isn't enough. Time and again, employees watch the friends (and even family) of higher-ups be promoted without regard to prior results. This produces a culture of 'yes people' and suck ups. You need to know a higher up in the organization if you want to be considered for promotional opportunities..