Pros: great environment, great benefits for full time employees (stock options, health/dental, flex fridays, etc.)
Cons: little to no room for serious advancement
First job when I graduated. Great pay as a contractor, easy work, solid management with clearly defined goals. Co-workers are great and a great way to learn if you've never been in the oil and gas sector. However, you are pigeon-holed into the role you have without much room for advancement. Only if you want to get into management is there any room to advance and that takes a long while (as in 10 years in some departments). Therefore, staying a contractor is your best bet if you want to advance in your career (i.e. moving onto another company after you've gained your experience). Still, for those who want security and easy work, staying where they are for at least 5 years to really learn the industry, it's a great place to be.