Pros
Work finishes at 4pm on Fridays. There may be some interesting technical challenges to work on and the compensation can be reasonable if you can convince the management that you're the right sort. Actual skill and value added by you within your job will have little bearing on this process though. Opportunities to expand your experience of working around the incompetence and micromanagement of your new boss could be considered character building. If you find a respectful and supportive workplace unnerving and hanker after the familiarity of the old-fashioned workplace attitudes of times gone by, the clocking in system for salaried staff will be a welcome relief to you.
Cons
No paid sick leave. SSP only. Inflexible working arrangements coupled with massive over-enthusiasm for clock-watching. Very low levels of trust and respect between the managers and the productive staff. Absolutely no appreciation shown for a job well done. Directors are very reluctant to learn from or even acknowledge their mistakes nor to give any serious consideration to suggestions from anyone lower in the ranks.