Pros
It's a drown-or-swim situation. I absolutely learned a lot, and got transferable skills that have been invaluable at my current employer. The LA office has fascinating areas of concentration and focus. You are learning from very intelligent, seasoned attorneys who have seen it all. I learned a lot, and don't think I could have as much at a larger firm.
Cons
The culture kills everything. It's a shame, because they take on such interesting cases and clients, as well as a broad variety of legal matters. The turnover at the office I worked at (Los Angeles) has been tremendous. In the last few years, I can't think of a single Associate who lasted more than 1-2 years. This is a great place to be a partner, and a horrific place to be an Associate. There's a reason there's only 3 Associates in all of the firm's offices nationwide, while there are probably 10+ partners (and no turnover there!). You will learn a lot, but at a tremendous cost. Be as thick-skinned as humanly possible.