Pros
It is a high energy environment, great opportunity to advance one's career, high level of responsibility for mid-management, major impact to the bottom line, small family atmosphere, strong meritocracy
Cons
Leadership is weak, corporate direction and structure changes frequently (except executives, the owners manage), reactionary movement with the market, lack of focus, heavy burden on employees if they are willing to step up. Apparently there is high turn-over although I have not seen excessive lay-offs.