Pros
The only thing is that the working hours are fixed, but even that is sometimes uncertain.
Cons
Working in such an atmosphere is simply terrible. No respect for employees, no respect for the law, no respect for basic manager-employee relationships. It doesn't matter that employees may have more understanding of some things, what matters is that the new manager who just started working thinks he knows more than the long-time employees in the company. Unfortunately, this person, as well as the company manager himself, has caused quite a few quality employees to leave.