Pros
Great exposure during beginning stages of career provided you are in right unit A chance to work on niche technological areas which you cannot dream of working in other companies (again unit specific) Greater bottom line responsibilities if you are willing to take it. This may help for grooming managers Onsite opportunities at early stages of career A chance to understand processes in place (CMM 5). Trust me, it may sound simple but you will understand that these processes are among the best Job security at its best
Cons
Bureaucracy at every level Promotions are based on number of years rather on achievements Work life balance may go for a toss depending on projects Career focus gets lost as people are switched across technologies at random