Pros
Get to work with new technology, sometimes not yet released. Small team means that its easy to communicate with other staff members. Can be a lot of freedom to implement a new tool into the company. Get to learn a wide variety of skills in different aspects of the company. Freedom to work part time. (Good those who want to study and work)
Cons
Lack of senior staff members mean less experience to call upon. A lot of self learning and a lot of trial and error. Jack of all trades company means a lot of small products, which makes it difficult to troubleshoot because you spend a lot of time trying to understand a whole application just to fix one issue. Lack of planning in some areas means a lot of time is spent redoing things or creating things that aren't even used. Management encourages staff to work beyond normal work hours.