Pros
Being able to work for a company like this is amazing. Such a young, energetic, get-it-done workforce. It is still a small, young company so it isn't at the point where they are set in their ways about how to do things. You can make a small suggestion on how to improve something, and the next thing you know it everyone is doing that way. Being part of state-of-the-art technology. Being able to see news headlines and say "yeah, I played a part in that". Being able to see something you built in orbit is pretty rad, too. Great benefits. No premiums!! Free gym membership, discounted movie tickets, free coffee/froyo. The company is pretty transparent with their employees. Nobody has an office (there are plenty of conference rooms for when you need to have a private meeting), and there are not really any "off limits" areas, except for a few due to safety hazards. Pretty good food program. Come out of your paycheck, is pretty cheap, and free coffee/froyo. The work is pretty fun. I haven't gotten bored of it yet.
Cons
It is not for everyone. If you don't love what you are doing, it can very easily eat you alive. A lot of people complain about the hours, but the clearly state they ask for 10 hours days when you get apply. The pay could be better, and you can get paid more doing similar work at other companies, but I do believe that working here has a certain Je ne sais quoi about it which you won't get working at ULA, Virgin, or some of the other guys