Pros
High levels of competence among employees. Much more interesting work then the average IT security company. Approachable management generally focused on clearing your way so you can get things done. Flexible scheduling, top tier benefits, and an obvious commitment to work-life balance. Above all, an environment where no one is assumed to know everything and admitting ignorance/tapping other employees as knowledgeable resources is expected and encouraged, and vice versa. No micromanagement. Sometimes large quantities of BBQ appear in the conference room.
Cons
Sometimes, poor communication of expectations from management, although this has seen significant improvement the past six months. As is common with small companies, many employees are multi-hatted, so the company could really benefit from hiring some junior personnel and/or interns to distribute the workload and free up the senior engineers to focus on more difficult tasks.