Pros
Salaries and benefits were good. Nice new working space, clean and IKEA-like, good working technology in conference rooms. Not micromanaged and allowed room to suggest changes (but see below for follow up..). Flexibility for working hours since there really wasn't a good way to keep track of time, mostly honor system.
Cons
Not a visible layer of executives, and not a lot of support from above when changes were initiated. Lack of backing from higher-ups leads to projects falling apart, confusion and ineffective management. People were promoted based on seniority, instead of skills. Lots of long term employees very hesitant to change. They worked harder, not smarter, much of the time by using ineffective procedures, red tape and an overall sense of mistrust when changes were suggested. A lot of people hired by "knowing someone", which leads to lack of confidence in management. Commute on 128 stinks.