Pros
I'm surrounded by extremely bright people who never hesitate to share their knowledge, making the transition from a project reaching end of life to another that is ramping up much easier if the technology is outside my current knowledge base. Program management has been very successful in recent years in bringing in new business that opens up opportunities for employees to continue working on projects within their comfort zone, or expand their knowledge by taking on projects that require learning new technologies. No micromanagement. You're given a task, allowed to provide input for scheduling deliverables and expected to meet your commitments, or step up and report reasons for possible delays as soon as they become apparent.
Cons
Feast or famine. When projects are spinning up and running at full steam you won't get bored. When they're nearing end of life it can be a struggle to find meaningful, billable work to do if you aren't assertive in seeking out a new or existing project that can use your skill set.