Pros
Entrepreneurial, energetic, and unlike any other organization on the planet! There is extrodinary talent and opportunity within IV, however there are fundamental challenges within its business models. If the organization can become more customer-oriented in its approach to IP management and deals, then great things can occur! Note: Each 'group' operates completely autonomously from the others; teams are highly isolated with very few 'connectors'. If you're in a great team or enjoy the project(s) you're on, it can be a fantastic experience.
Cons
IV is not for most people. Imaging trying to re-invent an organizational structure every few months. Its never entirely clear as most shifts or business initiatives are given enough time to germinate. One might say that it is just part of being a VC or start-up, but for an organization that is nearly 15 years into the game neither are true. If you're highly flexible and can produce with ambiguous direction and leadership you may just have found your next challenge!