Pros
The benefits are pretty good. The company used to contribute 3% safe-harbor and 7% discretionary (with no employee match required) for a total of 10% of your salary to your 401(k), 100% vested from day one. Recently, the 7% discretionary contribution was diverted to a newly-created employee stock option. The company also pays the full premium for health insurance. Employees accrue 2.25 days of vacation leave and 0.75 days of sick leave per week for less than five years of service, and this increases to 3 and 1, respectively, for greater than 5 years service. Ten paid holidays, a decent (albeit small) Christmas bonus, flexible work schedule, etc. Casual dress, somewhat relaxed atmosphere.
Cons
Pay is on the low side, susceptibility to gaps in contract coverage due to small company size, lack of opportunities to advance, pay raises are disappointing, HR is way too large for such a small company, employee eval process is clumsy and inept. Company really suffers from lack of communication between employees and upper management. Oh, and company gatherings tend to include prayer - which is okay if you're attending church, but not appropriate for corporate matters. Also, the CEO has an inherent political bias which is at times very evident. This isn't a problem as long as you agree with him, but it isn't appropriate for corporate meetings. Turnover rate is rather high in certain groups (although on a positive note it was rather stable in my group). BTW, the CEO is no longer Dr. Yates - unfortunately, he is deceased (2013). He was a good man, and many in the company - including myself - miss him. Under his leadership, the company was growing and thriving (at least to a greater extent than it is now).