Pros
Opportunity to do in-depth investment research in global TMT, without conflicts of interest and awful politics of big investment banks; freedom to say "sell", tell the truth and not have to kiss butt for corporate reasons; relaxed and friendly family style environment, open to diverse approaches to research and not boring me-too reports and time wasted on quartely earnings. Can-do attitude among staff, people are genuinely supportive of one another, everyone wants to learn.
Cons
Takes a strong character to fit in, and needs someone disciplined and entrepreneurial in outlook. Not for people who have spent a long time in bog organisations and constantly need guidance and to be told what to do. You might make more money at big banks if you're willing to flog dodgy IPOs, and kiss butt with bankers and managements, rather that focus on the best interests of clients. Very flat organisation so its not about titles and hierarchy.