Pros
Free Soda and that is about it.
Cons
Job Description says you will be doing what the FTE that you are working under will be doing while you do all their administrative work such as answering e-mails, drafting reports in excel, powerpoint, etc. As a contractor you get the last generation of PC Hardware to work with all the current or new stuff goes to FTE. You are treated as second class and excluded from team meetings and other morale events. Sharing an Office you get less space and are confined to a corner while FTE gets tons of space, which is fair I guess since they are FTE. There's no encouragement to pursue projects or initiatives to improve processes even if you propose solutions they are shot down until they are eventually made by a senior PM or other lead and they are given credit.