Pros
As per the title, expectations are low so coasting is fine and almost encouraged to some point, making the workplace very casual. Some of the folks I've worked with are genuinely great people and put in ridiculous amounts of overtime to make sure things get out the door. Generally extra efforts are recognized and promotions happen, but compensation is extremely low (in comparison to the industry) for the amount of added responsibility and work.
Cons
Again as per the title, most engineers are encouraged to barely deliver anything, and have no care towards making sure tasks get done on time. Deadlines seem to only matter to the team leads making the onus on them to fix poor work and put in excessive hours. There are no expectations for quality of delivery, resulting in most work submitted being downright broken. Upper management seems generally unqualified with project management as a whole, making the entire development process opaque as responsibility gets dumped arbitrarily and shuffled regularly.