Pros
Small, casual company with friendly management and good potential. Interesting work if you are a new engineer - you will get to wear many different hats, depending on what is required on a day-to-day basis.
Cons
No management structure; I am still an "on-call" employee by technicality, but the company has not contacted me for over two months with any work. The company was having some financial trouble last I heard from them. They do not offer any kind of benefits as far as I am aware. Lack of effective oversight means that small mistakes can snowball into much bigger problems.