Pros
There are a few very talented programmers working at the company, and they are usually willing to share their knowledge with the many junior programmers at the company. Unfortunately they work offsite, and often in different time zones. The work-life balance is okay - the day is 9am-6pm and most people leave at 6 on-the-dot.
Cons
The work environment is very tense - breaks other than at lunch are frowned upon, and the nature of the work is very frustrating: an endless sea of bug fixing, with projects being killed and resurrected almost every day. The pay is very uncompetitive, which is why they seem to hire almost exclusively recent university graduates. This leads to a very fragile shared codebase being broken almost daily by careless checkins. There are a few experienced programmers, but they have their hands full most of the time. This problem is compounded with the employee turnover: someone quits or joins almost every month, and it takes a long time to train them up to a level where they can be helpful. One of the reasons for this high employee turnover is the contempt the CEO seems to have for his employees - suggestions for improving the office environment are all but ignored, and very little money is spent creating a good work environment. I may expect this from a recent startup, but this company has around 50 employees and continues to hire new students while others get tired and quit. By the time I quit (after 1 year and 3 months) I was the 3rd longest-serving developer in the company - everyone who had been there longer had already quit. When I quit, the CEO gave me no reference, and tried to get out of giving me a P45, for reasons I can't understand.