It was acceptable, but not wholly ideal.
What I like
It could be fun at times. There was a lot of comradery and team-building. There was also a fair bit of independence which was exciting as well as the ability to be creative about your own projects and show initiative.
What I dislike
The position was never very stable. There was always the feeling that you could be let go if the team wasn't able to perform adequately or had not created a new significant project within the previous quarter.
Suggestions for improvement
The biggest suggestion would be nailing down the expectations and/or stability of the project team, as well as increasing the lateral or upward flow from team members into other positions in the company that they may be more suited for.