Pros
You can be in the silicon valley. Salary is probably comparable to similar companies. Benefits packages are probably on par with those of similar companies. Schedules are generally flexible, though if you aren't seen alot you probably won't get promoted very soon.
Cons
Profit sharing and incentive bonuses, and sometimes even raises, are generally based on the company actually being profitable. Since that only happens about 1 in 5 years, you aren't looking at getting much beyond your normal salary. The other 4 years are typically characterized by dilutive or debt increasing fund raising. Certain benefits have been curtailed.. ESPP program is canceled, sabbaticals are gone. They say that it is due to unprofitability but I doubt they will come back even if profitability returned I believe this company would have been taken over by more competent management long ago if it wasn't for the terms of the x86 license which nullify the license upon drastic changes in ownership.