Pros
Work perks are material (free clothes samples, free food, beer, etc) but very limited if you're a contractor. Your manager will indicate how much freedom you have.
Cons
I started out feeling not much different than a full timer, but the longer I was there, the more perks and even basic freedoms were taken away. My manager often accused me of not working, despite me putting in more hours/being more productive than almost all the full time employees in my office. They were almost never there themselves, and it was clear the bottom line was all that mattered. I was also cheated out of working hours based on my manager's personal preferences, aka not being allowed to show up to the office before they did. Also, they will grossly under pay you because they know you'll stick around and hope for full time. I would never put up with 99% of the things I experienced here if it were another company. I am trying to leave now, because I know I'm worth more than what they pay me. This is from someone with a fine arts degree from one of the top schools in the nation.