Pros
Information is shared all the way down to the lowest levels. For example, when I worked in manufacturing in the nineties relatively sensitive information about sales, forecasts, and new products were routinely shared with the lowest level worker. In addition information about salary guidelines up to the director level were readily available to all employees. The ability to move horizontally in the company is fairly easy. It is not uncommon for a person to have had jobs within the company in several different distinct groups. For example a New Products manager may have experience in Human Resources, Materials, and Facilities.
Cons
In general, near perfection is the assumed performance that an employee will give. As a result, significant accomplishments are often taken for granted by managers with little recognition being given to the employee. Even though the monetary recognition is there, the importance of the old pat on back is often forgotten.