Pros
If you're a yes person and happy to work yourself into an early grave (or are a workaholic) you'll be fine. But if you're looking for work/life balance, look elsewhere. Unlimited holiday is fine unless your workload and deadlines increase.
Cons
Unfortunately, bullies are rife in middle management (and all the way up it seems too). Here's their current technique: pick you up on the smallest issue as often as they can to make you feel worthless, never offer a pay rise or job progression, if you push for progression they'll ignore everything good you've done for the company and nit-pick on the smallest things and blow them out of proportion to try and wane your confidence. Then they'll make you work a job above your pay grade, often consolidating two or three roles into one and force you to work twice or three times as hard before you're offered a promotion. If promotion comes, it'll be negligible and you'll be so overworked you'll have to go on sick leave with stress/other mental health issue (happened to many of my co-workers over the years). Management like to hire 'yes' people to satisfy their own gains, casting aside anyone with passion and talent in favour of those who work themselves into the ground. When done with them, staff are either made redundant or find work elsewhere because they're broken. For example, at the same time as a company wide introduction of unlimited holiday half of the art editors (and many other staff) were let go, the ones that remained were given a title promotion and a small rise in salary and then made to work on two titles (instead of one) to cover the half they let go.