Pros
If you are not a good performer, you will not be overworked. If you are a people person, you might just get promoted for being friends with someone - its always like this, but in this company its almost exclusively like this.
Cons
Absolutely no career growth, professional growth, knowledge growth or any opportunity whatsoever unless you belong to the protected class of manager's friends, about which is decided in about a week from joining the company. Smokers get better chance to be the favorite ones. If you are not among the manager's favorites, expect to be doing 2 people's job (yours and the incapable manager's friend who is out smoking 6 hours a day) in the name of "team work". If you protest, you are not a "team worker", and will be punished by a warning letter. You will never receive any benefit or money for your extra work. The only people reserved for that is the number of 15 people or so in the company who fall into the "manager's friend"category, and take turns in collecting all the awards and bonuses.