Pros
Lots of change, new challenges every day make for varied and interesting work life. Many opportunities to take on new responsibilities and projects to gain new skills and experiences. This is a business that wants to grow, change and wants you to be a part of it.
Cons
Very tight budgets and perpetual human resource deficit, with an expectation to keep to already overly ambitious deadlines. Pay across the board, is well below median, typically below the bottom quarter percentile. Very poor benefits package, there basically isn't one. No annual increase in holiday entitlement and no holiday carry-over. No bonuses, ever. No opportunities for formal external training/accreditation. Generally being overworked and under-resourced makes for a poor work-life balance. It also means no time to take holiday (which as above, you can't carry over). These things make it hard to resolve the resource issue and make continued employment less desirable to staff, hence the perpetual problem and generally low morale. The upper management understands and cares about business, as they should. But fail to connect this with the employees. Your manager's manager probably doesn't understand what you do for the business and has no idea of your worth or contribution to the business. This may be interpreted as managers taking credit for others' work, when actually it's a failure (and I'm afraid, often unwillingness) to understand what you actually do for them.