Pros
False sense of start-up culture among leadership and many employees. A company that's been in existence for 6 years and in idea-form, some way or another, for 20 years, is NOT a start-up. Minimal work is required in order to make it here. Impressive how management is able to downplay big issues (like LAWSUITS against the company) by claiming that the company that exists today is an entirely different company than the one that existed a few years ago.
Cons
Outside investors mean that no employees will ever have equity or real interest in the company...despite what we're commonly told. Employees are regularly treated like they're stupid and can't read between the lines/understand that management won't tell the full story. CEO regularly 'encourages' highly-rated glassdoor reviews to try to break the existing company stigma