Pros
Small company where everything you do has a huge impact.
Bonus payouts based on successful project completion, which makes up for low salary.
Cons
Management not forthcoming about performance feedback. Beware of the impossible task. It means you have a target on your back, and you'll be let go after the project is complete or cut.
Questionable ethics. "Jokes" about using ill-gotten information. Other gray area practices that can't be mentioned on here.
No desire to grow the business. If the employee count is at the cap, hiring much desired talent will require letting somebody go to make room.
Technology is old and clunky. Even the employees use free alternatives/competitors to do some of their work.