Pros
They use leading edge tools and offer flexible hours. The CEO is honest, impassioned, and believes in the product. They prefer to hire colleagues of current employees.
Cons
Methodology used is waterfall, disguised as agile. Product is consistently late. Environment is very political, the opinions of the friends of higher-ups are favored. People back-stab and at times even refuse to talk to each other. They do not give employees any direction, feedback, or performance reviews, you either stay, leave, or get promoted, based on your own instincts and ability to figure out what they want. They do not require long hours, but seem to appreciate it. Turnover is extremely high (over 50% per year). High quality work and long-term dedication is at best not acknowledged, certainly ignored, and can lead to being taken for granted.