Pros
They talk a lot about opacity and ambiguity, and you can really use these elements of the culture to your advantage. People are responsive to new ideas, executives make time to hear them, and most people you work with genuinely care.
Cons
The biggest problem is that people can use those same values of opacity and ambiguity against you. I was treated so cruelly by a recently-hired VP that HR intervened when they saw it (of their own volition) but they were powerless to act because there are no rules. The worst experience of my career, bar none. I resigned. Trust and discretion are laudable, but if you can't protect a high-performing, longstanding employee from mistreatment, you have a problem. Once you see how much damage a single bad hire can do at Viasat, you'll sour on this passion for ambiguity too. It's a shame but for that reason, I can't recommend it as a place to work. It's fun until you find out you have no recourse against a bad manager, and no one has your back.