Pros
Overtime is paid (by the hour), so you are compensated for working over 40 hours.The people treat each other like family, and when a deadline is met, everyone loves to celebrate. There are always social events, and plenty of sports to participate in (weekly). Management is always open for suggestions and wants to hear how people feel about decisions before they're made.
Cons
No clear lines indicate where the start and end of one's responsibilities and roles are. A lot is left to a young engineer's discretion about when to make decisions and when to seek guidance (making it unclear when one is being too autonomous or too dependent). Compensation is about average, but the lack of 401(k) matching, and the small bonuses leave some to be desired. One can easily get stuck doing trivial, non-challenging, and dull tasks for days on end. Rarely is one working on a project that is mentally stimulating, or requires good problem-solving skills.