Pros: Great benefits
Cons: Complete inability to affect how my work is done
I answer emails from both internal and external people (clients, coworkers, developers, partner businesses), debug code, coach employees, interview candidates, review processes and once in a blue moon implement a new policy.
I learned a lot about corporate culture and how best to get new ideas out of the planning stage and on the road to implementation.
Management is multi-layered and at times convoluted. There is a strong culture of complacency and as a result new products/services tend to progress or change at a glacial speed. Most (not all) managers are just putting in time, but are generally easy to get along with and are reasonable.
I have enough subordinates that they span the entire histogram of the human experience, but half of my immediate colleagues (2) are very good people, and effective employees that I consider friends and have hung out with outside of work. The other half are largely ineffectual and unremarkable, but pleasant to talk to.
The hardest part of my job is navigating bureaucratic red tape.
The most enjoyable part of my job is using principles I learned while getting my economics degree to shape my subordinates' decision making processes to produce better outcomes for the firm, and to track these changes through metrics in such a way as to confirm that the process really does work.