Pros
I've been lucky and rising up the ranks with promotions about once a year. Two of those promotions were because people left. The other was because I fought for an open headcount they were currently hiring for on my team. The current releveling increased my bonus pools at my level (P4) and put my total comp in a competitive place with what I'm seeing in the wider market. If you love visiting Disney Parks, the benefits of doing so as an employee are awesome.
Cons
A lot of my colleagues have not been as lucky on the promotion front even though they are just as deserving. Ton of late breaking requirements for a recent major launch recently had a lot of people working around the clock. My new Hulu team mates members are getting benefits cut significantly, and there is open vitrol about it. Management/HR attempt at responding is to blow it off. Morale is incredibly low right now and based on all hands meeting people are close to a revolt. The higher you get up the management chain, the more disconnected they seem from our day to day reality they created for us.