Pros: great owners, company encourages participation in all kinds of activities, reputation is outstanding in the community, benefits and profit-sharing are very good
Cons: may have to work at a customer site rather than the home office (though most are very close)
I've only been with Praxis for about 6 months but I love the group here. It's hard to find a company that genuinely encourages a good work/life balance; most companies say they do but rarely follow through. Just about everyone I know here is involved in something outside of work: charities, running clubs, theater, etc..., and whatever you want to participate in, the company will almost always provide some kind of support.
As for the work environment, it's the little things that I've been impressed with here. In this industry it's often the case that the contracts you work on don't vary all that much regardless of who you're working for, but how the company supports you on those contracts does. My initial set up here was quick and seamless, from HR and the whole hiring practice to IT and getting my workstations running. I've seen enough incompetence in those areas in other companies that I notice when it's done well.
Bottom line: In my career I've worked for very large defense companies, an extremely small one, and even a gaming studio, and I can say without reservation that Praxis has the best mix of interesting work, well-rounded employees, and great ownership.