Pros
A relaxed work environment, loose management that lets things go too long, no worries about discipline.
Cons
The founders of the company have lost the fire in their belly. They had a good idea once and are now retired in place and milking the company for their own good. If the CEO really wanted to benefit all the employees he would have sold the company when he had the chance and divided the proceeds. Now, the company has a solution looking for a problem. The company is less than half the size it once was - it's too bad, there were a lot of smart people there that could have been challenged by management to invent the next important product. Agree with the previous reviewer that there are religious overtones that have no place in a modern company. The company also gets rid of older staff.