Pros
Full flexibility at work. That comes with a bit of luck though. I got to join one of the teams with most modern and cutting-edge technologies, while being equally politics free. The whole team is kind-of a family -- they support you whenever you are in need.
Cons
If you are competitive enough, you will feel bad that you are paid equal to many stupid dumb people around you who do nothing significant at their job. Heard some teams are literally waste -- work for which there is no need of hiring top college graduates but can be done by 12th pass students too(e.g. running some scripts, basic c++ etc). Heard that most other team has the main task as 'bugfixing' -- yep you got it right, most of the teams are just 'offshore maintenance centers' for NetApp US offices