Pros
You get to learn every aspect of the investment process.
You get to work directly with the experienced principals, learning from them on a daily basis.
Everyone in the office is professional and friendly.
Firm embraces work/life balance.
Management communicates openly and fairly.
Office is in downtown Menlo Park--conveniently located across from a Trader Joe's and many restaurants.
The kitchen always has good coffee and chocolate chip cookies.
Cons
Like all investment groups, you have to spend considerable time pouring through thick documents during due diligence, but that's how you learn. Nothing else really.