Pros
Do you want to come to work high on speed and/or drunk? No problem! Do you want to give away LIVE merchandise to your "client" (*cough*friend*cough)? No problem! Are you a pathological liar? No problem! Do you want to trade testers for drugs in the back office? No problem! Do you want to push pills on your staff because they look a little lethargic one day? No problem! Do you want to have a few alcoholic drinks on your lunch break? No problem! Do you want to show up four hours late for your shift almost every day? No problem! These are just a FEW examples of things that employees have gotten away with. They were not even written up, let alone fired. So, if you want to take that as a "pro", you can use these examples to get away with just about anything and you never have to worry about losing your job.
Cons
While bad behavior gets ignored (see "Pros"), good behavior rarely gets recognized and definitely does not get rewarded.