Pros
Employees will probably learn a wide range of skills they can apply to positions elsewhere. Programmers are decently compensated. Owner has kept business going in a tough industry for a long time.
Cons
Highly unpleasant work environment. Unrealistic delivery expectations, frequent shouting phone calls and meetings, constant tension whenever company owner is in the office. Paychecks never delivered on time, employees occasionally go months without being paid. Office hours (10 a.m. to 7 p.m.) make work/life balance difficult by default, but employees are also expected to work considerable unpaid overtime, including weekends. Employees will go years without performance evaluations and/or raises. Programmers are treated a bit better and decently compensated, but all other employees (artists/producers/QA/etc.) are treated as completely expendable. This leads to high turnover rate in almost all departments. No possibility for advancement in company hierarchy. No levels of management between company owner and employees, no Human Resources personnel. Owner is dedicated to keeping the company running, which he has done admirably for a long time, but also takes any criticism of the way business is run very personally.