Pros

Work-life balance: middle and senior management actually help make it more than a catchphrase
Individual flexibility - little to no micromanaging, employees are given enough latitude to work well
Training - good corporate support for staying current
Pay and benefits: much better than most companies
Corporate culture: again, a nice surprise - it really does exist, and really is as advertised!

Cons

"Hands off" mgmt could be hard for younger employees
Annual performance review "system" is somewhat lacking
Top-down communication about new products, corporate direction not always clear
Company is still learning how to change from a small Silicon Valley startup into a more mature, bigger player. There are some bumps now and then

Advice to Senior Management

Streamline management structures and increase communication between different layers, and between groups in the company (engineering, development, sales, support...)
Don't make too many changes in the culture too fast, but do acknowledge the need for changes as they come.