Pros
There was a lot of freedom provided by the company in terms of working hours, goal setting, idea implementation. Home office hours were well respected and they were very flexible when you had other appointments you needed to attend. Processes are new, as is the company, so your input and suggestions and recognized. The team gets along really well and the hierarchy is very flat, in a positive way. They try to focus on bringing the team together to create a good atmosphere by having a few big team events per year (BBQs, sailing trips, etc.) There is a lot to learn in the job as the product can be applied across a number of industries. There is a lot of actual potential in the product, which is not always the case in the startup world and everyone on the team believe in the product, this helped a lot in pushing our collective goals forward.
Cons
This is a very subjective thing, it depends on your preference but because the company is so new, so are many of the processes, which isn't always ideal but it comes with the lay of the land. You figure things out as they happen, which is not suitable to every type of personality, so you definitely have to be prepared for this before you consider working for a startup.