Pros
I held a director-level position. While there were politics, there were remarkably few. Comments from upper management were direct and you always knew where you stood. While opportunities for advancement had to exist in order to have an opening, promotions were primarily merit based. If you and your department achieved or exceeded its targets, you were rewarded and gained more responsibility. If you couldn't, depending on how much, you first received greater oversite and coaching, and if that didn't help, a PIP.
Cons
Due to the Internet bust, recovery, and bubble, morale was poor and senior management didn't help. To save electricity, the lights were dimmed or turned off where not necessary, which contributed to the morale issue. During this time, employees knew that there was 18 months of cash in the bank. CEO and HR used Jack Welch's performance review method, which did not apply to a company this size.