Vantaggi
Depending on the organization you can have a very good work-life balance. The benefits are also generally very good. They give you some freedom to try new things. Salaries are okay at best for the "enlisted", B4 and up are good, and if you are an executive they are very good (they keep increasing theirs every year...).
Svantaggi
It's the worst company I have ever experienced in terms of politics. It's a company founded on bad project managers managing project managers that manage project managers that manage external vendors. 90% of people will never do actual work. the other 10% will leave the company as soon as they can. I have experienced senior leaders lying to many people (I have proof of this) to sell their Frankenstein monster of applications and get more money to hire extra PMs and get more power. It's only about power. I can't wait to get out.