Pros: Employees have a voice. Leadership cares and is accessible. Relatively common for people to "change careers" without leaving the company. Company is constantly exploring new opportunities and ideas. Great benefits.
Cons: It's all the cons that are the flip side of the pro's: Can be frustrating to express your strong views and not have them embraced (try pleasing hundreds of people at once). There are more "guidelines" than rules, and that flexibility can create confusion at times. Would be a difficult place for someone who prefers a lot of structure, direction and clear advancement path. The great benefits and overall environment can lead to a sense of entitlement among more tenured employees. Turnover is really, really low, which means company growth carries a larger burden for creating advancement opportunities.