Pros
Highly de-centralized at the Country Office level, allowing great freedom for CRs to design and develop country profiles and programs.
Good compensation and benefits
Well respected in the region, known for solid research, quality reporting, excellent proposals
Cons
Heavily reliant on donor-funding, making it risky in a difficult funding environment.
Due to the Country Office model, there can be a divide between expatriate and in-country team members in so far as leadership positions and compensation.
Some confusion at times between the country offices and the thematic teams.
When I was still there many of the leadership in San Francisco was older white men - not very reflective of the region - I believe that is/has been changing.