Pros
Employees (not middle management) were a pleasure to work with. Shallow business hierarchy (there were plans to change this to be more feudal). Had a decent 401k with 2% match, fully vested. I've heard this changed to 0%.
Cons
Unprofessional software development cycle. Too much politics for small business. Poor management practices. Implements policies that don't fit the culture just because other companies have these policies. No other reason. Don't follow their own policies. Possibly illegal practices, like deducting a half hour for lunch regardless of whether or not the employee went for lunch for 30 minutes, or at all. 42.5 hour mandatory workweek for salary. Poor compensation. Some parts of management have too much control over other departments than their own. Focus almost entirely on new feature development over maintenance and improvement on old features.