Pros
The people are great and it's a fun environment to work in. Working online to help develop games is a great way to maintain home life while still doing what you love. Promotions are handled based on ability and willingness to take on extra responsibilities, and hard work is usually rewarded well. Instant feedback from players can often provide a sense of accomplishment. The freedom to work on your own projects is great, and the minimum requirements are fairly easy to meet.
Cons
The work is very demanding and requires a great love of the games produced there. Most work is done on a volunteer basis, so you need to be willing to dedicate many hours per week with little or no compensation. Communication isn't always ideal, though meetings are frequent enough. The players can be a headache to deal with on a regular basis. You must have extreme levels of patience to excel!