Pros
The company is always growing and providing opportunities for growth. They value their employees and provide many benefits not seen in larger companies, like free lunches, company picnics, ping pong, billiards, volleyball and many other activities. They promote from within and help people grow in their career. There are many opportunities and they listen to their employees. They reward performers and recognize talent at all levels. Management will listen to ideas of employees at any level, you really feel like you have a say or role in the success of the company. The entrepreneurial environment is challenging and refreshing. It's nice to look forward to going to work and seeing what the next day brings.
Cons
For many of the employees this is their first job. This means there is some lack of real world experience and experience with what works and doesn't work. It also sets some unrealistic expectations as many employees haven't worked in corporate America where they are just another cog and have no other work experience to compare against.