Pros
Good compensation and flexibility of work. Employees are held accountable for delivery, which is mostly beneficial as those who are motivated do not need to check with their manager. "Real" Managers are too busy running fire-drills anyway to manage the people. Plenty of work to go around so not much direct competition on projects (maybe that is not a good thing(?)).
Cons
There is a set brain-trust and everyone else is short term contractors. No new blood to the brain-trust so no new ideas or inspirations. Oh, and everyone is a manager, even if they manage themselves. Most of the time is spent working budgets rather than solving problems. So budgeting is 50% of everyones work which accounts for 0% of customer delivery. This budgeting is likely due to no one really knowing what to do and so it is left to the "managers", (oh yeah, the employees). Interesting way to do business, but kind of nuts too as the right thing for the business is usually not the right thing for the "manager" (the employee). What this means is people worry about themselves more than the bottom line of the corporation. But the customer is always well thought about.
