Pros
The small company atmosphere was nice because it's like a small family. They are very active with social activities in which you can invite your family. They pay an average salary and they treat their employees professionally. They workplace is very clean and it's kept up to near-new condition. Additionally, there's a good work-life balance. The location is in a neighborhood (which includes a library about 1/2 block away), adding to the overall sense of a family-friendly workplace.
Cons
During my tenure, a temporary CEO was hired to "remake" the company. He ended up cutting about 30-40% of the staff through two rounds of layoffs a year apart. Since I was part of one of those rounds of layoffs, I can't speak much to where the company currently stands, but while layoffs may be good for the bottom-line and to "realign" the strategy, I can't imagine them being good for morale. Consequentially, I would guess there's a little less of a "family" feel to the company and more of a "down to work" sense. Regarding promotion, it seemed most of the upper-management had been there for quite a while, so promotion was probably slow in coming.