Pros
Nice physical work environment. Most of the employees are great to work with and are what makes the environment at all tolerable.
Cons
CEO doesn't seem to have much interest in the employees other than what they can do for him. Seems to think that a revolving door employee-wise doesn't have any consequences. Considering the length of time that the company has been in business, both co-owners seem to have no concept of how to properly run a software company. They are constantly bringing in middle managers to help "fix" things who then either leave due to frustration or are fired because the co-owners prefer to micro-manage things. The co-owners don't listen to any of the developers or middle managers who have years of experience working for multiple companies and have seen how things should work. As a developer, you are constantly moved from one high priority item to another. Project requirements are almost non-existent. If you get assigned to projects on legacy systems and you do well, be prepared to never get to work on something even close to cutting edge. Don't expect to receive any kind of training, formal or otherwise. Anything you learn will be on your own time.