Pros

Flexible work environment, interesting and intelligent coworkers, sometimes interesting projects. Some good process, but project-dependent.

Cons

Getting pulled in different directions when being resourced to multiple projects; sometimes a lot of extra hours necessary to get things done; estimates are never revisited; sometimes terrible scope-creep; low level of software "engineering", most work is short-term gain (which often mimics short-term projects). No increases in compensation for quite some time. Not a good place to further your career except perhaps as a junior/intern, but you may learn a lot of bad habits.

Many projects are touted and bragged about (eg. in company meetings) but then fall into obscurity. Only much later do you hear that they bombed.

Lots of young employees; not a lot of support or connection for those with families.

Advice to Senior Management

Form dedicated teams, get a handle on resourcing, actually pay people for extra hours. Continue to push back on ridiculous clients. Don't let your employees be taken advantage of. Where is the career path?