Pros: Really enjoyed the day-to-day work environment. You're free to have fun and horse around if you want. As long as you do your work, no one is going to breath down your neck and micromanage. "Open Book" management, which is very transparent, with a modest bonus system that incents people when the company is profitable. Great vacation and time-off policy.
Cons: For such a small company, it's awfully political. Mediocrity is often rewarded. Blame rolls downhill. If you're not careful, you could spend a lot of your time dodging bullets -- time you could have been spending improving your skills and doing more outstanding work. No clear system in place to help talent succeed, or to reward those that do. You just sort of have to feel your way around and hope for the best; hope that you can stick for a few years until your next gig.