Vantaggi
Above average pay and benefits Projects are long enough that day to day pressures are significantly less than an industry with short time to market. Separate managerial and technical ladders allows non-managers to be recognized as technology experts.
Svantaggi
First line Manager are not selected on the basis of hard skills in their area of expertise. Instead they are selected on a perception of management "fit". These "soft-skill" first line managers are often given responsibility for areas in which they have only limited first-hand experience. Accountability is limited. The projects are long enough and the teams are big enough that a savvy employee can avoid accountability and many times take or be given substantial credit for other's efforts or shift responsibility for his/her own failures. If you make an alliance with people in the layers of above, it's easy for them to give you a disproportionate amount of credit or shield you from your failures.