Pros
Direct and transparent communication is encouraged, as is dissent. Pay is good. There are opportunities to advance, learn, and grow (in skillset and in compensation, if not in title). Many of your colleagues will be excellent and inspiring. You are treated like an adult, in the sense that you are trusted to use good judgment with your benefits like PTO.
Cons
Constant re-orgs and too many leaders who are distant from the work create an unstable work environment, which can take a toll on morale. Burnout is rampant. The company culture is shifting as the company becomes more mature. Folks are often under-titled relative to their responsibilities. ICs will be expected to shape teams and inform the trajectory of the work more than leaders will be.