Pros
The compensation package is a pretty fair set, and knowing your schedule a year in advance helps with planning out various things. You are the master of your own salary, just as though you owned your own restaurant. The entire management team, from the unit to the corporate office, is a promote-from-within structure, so those willing to excel can climb the ladder.
Cons
You are the be-all-end-all, just as though you owned your own restaurant, which can result in a high-stress environment for those not well equipped for it. The 24-hour nature of the business also means that if something goes wrong at 2 a.m., you're going to get a phone call about it. Having one weekend off every seven weeks, and never taking a holiday off, also makes family activities very difficult.