Pros
I got this job out of college as an intern and was put on full-time a couple months after. If you continue to be valuable to them, they will treat you like a prized possession. The atmosphere is fun and happy, and we are quite comfortable around our bosses and visa versa. I have lots of room for creativity and plenty of good criticism of my work to make it the best it can be. There is a ping pong table, free food very often, plenty of raises and bonuses for those who continue to provide good work, and many more rewards. They are very open to new ideas and creative thinking!
Cons
While this would really be the icing on the cake, it would be nice if they were less touchy about time. My understanding of of a full-time position is that you have a small amount of freedom to leave early, come in early, leave late, and come in on weekends provided that you don't abuse it. Here they expect you to be here from 8-5 everyday and they don't like if you leave right at 5 even if you come in early on a regular basis or have a terribly long commute. I wish I could leave an hour early on a bad day and stay late to make up for it later in the week without people getting upset. But like I said, that's really just the icing on the cake.