Pros: A hold off job until you find something
Cons: Many, not all business units run the same, corp is a different beast
As a contractor your input is not valued much. There seems to be a rather large restructuring so your management changes often. Many tasks and/or departments are outsourced, job prospect low.
Work/life balance can be non-existing in IT unless you fight for the time off. Overtime is fought but expected. You have to keep track and make sure you get the time off.
Management skills are lacking, micro-managing is the norm. I see very little leadership with the exception of IT Architecture groups.
Beware of interview description versus what you actually do when you start, unless you have an agency that will back you up, you could find yourself frustrated.
Peers are pretty good, in the same boat so you get that kind of camaraderie.