Pros
The owner bends over backwards to make this a good place to work. If it works for the business, he gives you the work you want to do, and the apprentices you want to work with. Some guys work different schedules if they want as well. He does his best to make sure you're happy in your job, and if you meet him halfway and put in the work, it's a great place to be.
Cons
The pay is pretty medium. Most apprentices start at minimum wage, and generally don't make more than $24 or so before they get their license. Journeyman pay goes up from there, but the owner wants you to prove your worth first. It sounds good on paper, but probably ignores the market conditions for this kind of work.