Vantaggi
A good place to start a career. You will get thrown in and on a lot of varied projects and pick up a lot of skills you won't learn in school. I've always came out learning more after every project. In a year I have worked with services, web, windows form and all kinds of other projects. It is really good when you are figuring out what projects you will like and what you want to work on. I may have a lot of negatives for the project management side but I like my coworkers and I like my manager.
Svantaggi
There are a lot of corporate hoops to go through. Anything past your manager just seems to get in your way. You can get overloaded with work if you don't know how to manage the corporate pipeline. If you can't estimate your time well you can get bogged down. If they even think you might not be busy you can end up with too much work.