Pros
Management has put a lot of effort into building a strong culture. They work hard to shield both developers and contractors from client issues and other non-development-related challenges which is huge. Relaxed schedule as long as you get your work done, company-paid outings, nice office with snacks, free drinks & espresso, etc., Management was responsive to feedback - provided the tools needed to get job done. The owners genuinely care about the employees.
Cons
None to speak of beyond my personal and subjective preference for a closed office plan. That said, everyone in the office (including all of the owners) writes code, so it's easy to establish good boundaries for interruption with co-workers. A good pair of headphones goes a long way... ;)