Pros
They literally don't expect you to do any work what so ever (doing your job properly or at all would increase the likely hood of being handed your P45). The car park always has loads of free spaces (probably due to the on-going redundancies). Management give you loads of autonomy over your work (mostly because they have no idea whats going on or how to complete basic work related tasks themselves). There's good outlook for career progression (if you are driven by internal company politics and take little interest in progressing within your chosen field). You get paid (an under market value salary). There's a lot variety in the work (as a result of management chopping and changing what they want as they have no plan or strategy). The whole experience was essentially like being on an episode of Punk'd (except when I handed in my notice MTV didn't pop out with loads of cameras and surprise me).
Cons
I learnt how not to run a company (may be one of the most valuable things I will learn, thanks Gtech).