Pros
Challenging, interesting projects, engineers have a lot of independence and say in design decisions, great coworkers.
Cons
Poor executive and senior management. Had plenty of opportunities for funding but refused to take it, since that would me less control over the company. Bad financial decisions. It seams like management care more about image than creating a working product. Unrealistic deadlines, but this has improved a bit. People are often promoted due to relationships/politics instead of competence.