Pros: Flex time, ability to work from home
Cons: No job security, TONS of bureaucratic red tape to do almost anything.
Excellent work experience, but very little work/life balance. Was hired as long term contractor with 0% chance of going FT permanent. IBM outsources most positions and eliminates positions quickly, based on current business needs. Employees are rarely offered the option to transfer. I did like that my job schedule was flexible within reason.