Pros
In general, salaries are higher than in corporate settings. You have a lot of freedom to shape your work. Many people in the product team are highly knowledgeable, generous, and always happy to explain, guide, and support.
Cons
Top management lacks competence, direction, and social skills to effectively run the business. There's a general lack of professionalism. HR team is unable to detect incompetence during hiring. HR team doesn't do much to address issues, complaints or create a healthier work environment. This results in no accountability for bad behaviors, and in HR turning back the issue against the employee who spoke up. Significant salary disparities. A culture of bullying that discourages speaking up about problems. Very toxic environment.