Pros
There are so few people left to do the work, if you want to take something - anything - on you are able to. Even something really important and revenue impacting - you can own it and report right into the CEO. The hierarchy is so disrespected that you can bypass your manager and go right to the top and ask to change your job.
Cons
1.) The most disorganized work environment I have ever encountered. Something as simple as a meeting: Nobody respects start / end time, has an agenda, or even shows up. Also, people don't show up to meetings prepared, and they are constantly answering their phones in meetings, checking email - wasting everyone's time. 2.) No respect for hierarchy. Conversations happen across every level - so you can be trying to do something you've been asked to take on only to find your manager gave the same task to someone else - just because they happened to see each other in the hall. This creates a lot of confusion, and sends the message that managers don't support their direct reports. 3.) Lack of bounderies: Calls and emails all week end long, but few people working on weekday afternoons. While flex time can be good, in this situation you end up working 24/7 and not able to get answers when you need them. 4.) Backstabbing. Too many closed-door meetings about who is going to be blamed for lack of revenue, and who is going to get the ax for it. 5.) Not a good company no the resume, bad reputation, difficult to get work after.