Pros
Systematic training for new hires (no matter you are fresh grad or experienced hire). Predictable salary increase (you can easily find out what your pay may be next year or even years). To certain level it depends on your performance and promotions but you can build a model with the info HR and others share with you.
Cons
Too many mid-senior levels, there are reviews with B3 (band 3), B4, B5 and sometimes B6. Every manager wants to have a preview with your before going to the next level so lots (if not most) of your time is spent on modifying your Excel or PPT documents. Way too many conference calls (and night calls) and meetings with NO Clear Objectives and Decision Making. You often get meeting invites with just a general title and no agenda. If you look at any manager's calendar I bet more than 60% of his/her time is blocked for routine meetings and 1:1 cachup with all kind of mentors, friends, sponsors. The real time spent on real business is probably no more than 3 hours a day in the end. Management do not like decision making. For those senior managers who are taking 200K-500K (some even higher) annual salaries, they hate taking personal decisions. There are all kinds of processes or systems they prefer to rely on - unfortunately more and more often those tools do not give them a clear answer in the current dynamic market situation. Result? Brands like Olay, Rejoice, and Pampers losing market share in a straight line.