Pros
Because job titles don't seem to correspond to the level and extent of job tasks and responsibilities entrusted to (or "thrown at," depending upon your perspective) employees, there are lots of opportunity to take on tasks that would normally be outside of your job description at other companies. This can lead to exciting opportunities and professional growth. You are not a cog in the wheel here, and are instead often expected to do all the jobs of making the wheel turn.
Cons
Because job titles don't seem to correspond to the level and extend of job tasks and responsibilities, employees are often expected to perform tasks and take on responsibilities that are well beyond their experience and job description. There is also an astonishing lack of accountability so that a competent employee may be in a position of having to pull the weight of various underperforming colleagues. The middle management is power-mad and ego-driven and deaf to input from employees. Employees are scared to speak out.