Pros
Coworkers who you go through the cycle with can become life long friends. An OK start to a new career if you're willing to put up with a lot of unknowns.
Cons
-There is a huge rumor mill and things get around fast. There really are no secrets here. -Management sometimes makes promises to developers and then does not fulfill them. This creates resentment and trust issues. With the rumor mill so large these types of stories go around quite quickly and are not received well. -The training is very inconsistent. Some groups have a great trainer and some are, essentially, left to fend for themselves. -Often times upper management does not deem training important enough to expend proper resources on which causes a ripple effect all the way through the chain of developers. This fosters ill-will and bad feelings not only from trainees but from those who have to watch the train-wreck knowing that things could be better if there were just more resources. -Wages are extremely and embarrassingly low even for seasoned developers. -All of the above issues create very high turn-over rates within the company at the 2 year mark (and sometimes before). When good people and good talent rush out the door it leaves a bad taste in the mouth of everyone left behind. -The contract creates an atmosphere of fear. Speaking up is always risky because of the threat of financial ruin. -There can be instances of extreme favoritism. -Very little transparency. -A very large lack of organization.