Pros
Really smart people with a flat organizational structure. Everyone (in the ranks) is collaborative and a joy to work with. It is a great work environment and if you are a self-starter you are able to achieve growth rapidly. Hard work is generally rewarded and celebrated. The highest praise for hiring employees who are a strong cultural fit. I think the people in the middle are the only reason that people stick around as long as they do despite high turnover.
Cons
Upper management is a bit of a mess, and they are not trying to hide it. There is a clear feeling that the management does not care enough to invest in their people and seed them for growth or future opportunities. There is a known attitude of get in - get what you want - get out when you join the company. Business outlook was always hazy, there seemed to be concerns about 'keeping the lights on' and making pay-roll, and this instability trickled down in a real way.