Pros
The reporting staff may be small, but it's a pretty tight unit where everyone has your back. If you're trying to get your foot in the door at a newspaper that will throw plenty of work - a.k.a. experience - your way, this is the place.
Cons
The editorial staff views the paper as the paper of record, which means a lot of process coverage simply for the fact that the meeting is happening. It also means a ton of work. And just as you're writing a story, bam!, a ton of briefs are emailed your way to edit and make phone calls on. I hated having to stop everything to make time for those darned briefs.
And then there's work on the holidays - sure, any small paper has this, but with such a small staff you're going to get hit with working several holidays in a row.