Pros
1) Compensation is good on paper...which means there will always been a lingering sense of distrust and class competition between you and your PwC colleagues. 2) You don't need to worry about merit...since most everything gets done based on politics. 3) Great if you don't know what you want to do with you career, since it'll basically be forced for you without any input on your part.
Cons
1) The decent partners from Booz & Co. are all basically gone. 2) You can get moved around from group to group without any transparency into the decision. 3) Different billing rates between Strategy& and PwC leads to intense competition and limited staffing for shared Strategy& resources (yes, you are just a resource). 4) Brand identity is constantly in question. 5) The phrase, "Yes, that is actually our name" will become second nature. 6) Billing actual hours worked gets you kicked off projects (not because strategy projects are billed hourly, but because it draws attention to managerial incompetence) 7) All knowledge is tribal and career development is based on mentorship model (which isn't all that bad, but see #1 above and this becomes a problem). 8) People "disappear" more frequently than in 1970's Chile. Seriously, with the current state of the business it seems these "counseled on" moments are happening more and more frequently as management tries to make its numbers. 9) Lots of managers, very few leaders.