Vantaggi
You learn a lot about internal control procedures that are mandated by Regulatory compliance requirement. Changes to production systems are heavily scrutinized to ensure existing systems are not impacted negatively and are tested fully. Network, database, server and code and configuration changes are reviewed by production change committee. Be prepared to attend weekly change meting to justify changes to production systems.
Svantaggi
If you work in Development team, you should expect to follow standard change management process, a single change to production code or config will mandate new change control ticket, no matter how minor the change is. A good developer usually will get burned out by convoluted change management steps that required. DBA, network (for firewall changes), production support all mandate their own change ticket before their team will execute any change to production systems. I have seen talented developer left because they get tired of all change control paperwork they had to submit.