They're fast-moving team, you can learn a lot in a short amount of time. Since it's a startup you get to wear a lot of hats and tackle many different parts of the product.
Cons
Not that easy for a new employee to get into the company social life.
Product had promise and they had a great following. The team was also enjoyable to work with and the "old" days were filled with great work and motivation.
Cons
AOL started the decline that led to a new CEO. With AOL out of the picture there was a decline in staff and leadership. In the last year I was there it lacked direction, goals & morals. They would rather keep the users posting only porn just to keep the number of users up. This hurt the community of users that actually enjoyed the product.