Pros
The employee ownership is nice, if you make it long enough to be vested.
Cons
Perhaps running lean isn't the best strategy. But that won't matter if you're in the thick of things. I've never worked for a company that has tried so hard not to appreciate the employees they have on hand who have the knowledge and skills to move a department to the next level. Instead, they keep a "business as usual" attitude and wonder why some employees aren't as engaged as they should be when they are clearly overworked. What's the solution? Bring on new blood then clean house and hope for the best. This is a very short-sighted attitude and is still not getting to the root of the problem: your managers are drowning and your executive staff is hands-off and uninvolved.