Pros
If you've just graduated from college you will be given a lot of responsibilities right away b/c the organization can't afford to fill vacancies with experienced talent. Be careful though, because very few people have the proper skill set or experience for their position, you won't learn best practices. Decisions and actions are sloppy and rarely backed up by any evidence or fact. Also you won't find any opportunities for advancement beyond your entry-level position.
Cons
Too many to list. Poor, inexperienced leadership cascades downward. All of the talent has left the organization over the past several years, and with no resources to hire replacements, roles get divvied out lower and lower in the organization. The result: people with zero skills and experience are heading up major components of the organization, including the Executive, Development, HR and Sales. Also, the organization has become a place where innovation seems to go to die. Mainly because a thick layer in the middle is occupied by people who have been there since college (in some cases, decades) and seem to have no interest in leaving. They cling to their territory and practically shut down any sense of innovation. The organization has become cliquey and stale as a result. Plus, incoming talent realizes that they have no advancement possibility and thus exit quickly.