Pros
It is small enough so you know everyone, and you can usually meet and talk with anyone. They don't watch you closely, and are flexible for hours. They don't expect you to work overtime a lot.
Cons
Not much vacation (2 weeks < 3 years, 3 weeks < 15 years), no health coverage except basic medical (no dental, no vision). No opportunity for advancement. Main product is ancient, running on IBM iSeries (AS400). Windows client was designed to emulate the AS400 client, then patched with features that don't fit in well. Main software is C++, some of which was converted from old PL/1 code, much of it was written by people learning C++ and Windows.
Behind the times regarding software tools. No use at all of modern tools such as .net, C#, or even linux tools.
Recently bought by an Investment company, but that doesn't seem to be working out well.