I don't recall the (2) yr requirement, but I did go down this route. The main con is you lose your LAFHA allowance and any tax benefits that brought, but on the flipside you're eligible for Medicare and the lower insurance costs of a resident (i.e. non-resident, paid $200/month, resident paid $60/month). I didn't really see being tied to an employer for (2) yrs as a con (I had been with them 7 yrs at that point already). The processing went really fast once all the paperwork was in (i.e. from the last document submitted to the success letter < 2 weeks). Most of the wait is for police checks and health checks to come through.