Fun Projects to work on, Lots of opportunities to learn new things and grow as a developer.
Cons
It is a mystery when/if you will get paid.
The owner/boss is delusional and crazy about how he rationalizes things.
He will take opposing opinions personally and gets quite defensive and will not back down.
If you're there, you'll learn a lot. Very young, talented, relaxed environment.
Cons
Will not get paid on time (if at all). Attempts to contact senior management will fail, especially after leaving the company (under any circumstances).