Pros
Small, intimate team means that you interact with everyone from the top to the bottom -- great chance to learn, network, and see all of the workings of the company. This also allows you to distinguish yourself easily for internal promotions. Projects are defense related or for major aerospace companies, so work is interesting and has a sense of importance.
Cons
Company is stuck 30 years in the past -- computer systems are out of date, so not much is really automated. Company culture has a strong resistance to change and forms hostile cliques (though many employees are truly wonderful). Your input is respected in direct proportion to your salary. Chaotic internal systems that are very ad hoc, few long-terms solutions implemented.