Pros
This place is the most rational place I've ever worked. There are no penalties for not being perfect, everyone constantly supports you and moves as a whole towards improving process, product and communication. If you disagree with someone on anything (design, plan, process,) you just say so, give rational reasons why and then work out the best way to moving forward with whatever it is. Combine that with management who actually listen and care about the individuals in the trenches and you have a great place, fun and insane loyalty. Seriously...the CEO is respected and almost idolized. The chief scientist has fanboys at conventions! It's terrific!
Cons
If you like fast-paced startups that turn on a dime, this place is not for you. Not all the teams are "slow", but being rational means being careful and looking at all the angles before taking steps towards a plan. The belief is that there is one "right thing" for every problem. They try very hard to find it each time. That can make progress seem sluggish.