Pros
It's a truly flexible, friendly working environment; something that many employers like to say they have, but Feith Systems is actually like that. Also, there's great job security, as long as you're getting your work done satisfactorily. Finally, I really appreciate that the "micro-management" tendencies are kept to a minimum and the managers generally know what we're talking about when we discuss engineering problems.
Cons
Since it is a small company, priorities can shift around dramatically due to the whims of the market. There are no clear long-term goals for the product, which means that things can seem a bit unfocused and disorganized. One has to really be a self-starter and have your own vision to accomplish anything. Luckily, most of the people working there currently are pretty good at this.