Pros
Relative autonomy: you're generally left alone to do your work without someone constantly looking over your shoulder.
There are some genuinely nice people who work here.
Cons
Compensation is below industry average. Management specifically seeks out new grads and inexperienced employees because they will work for less.
Very little regard for work/life balance.
Actual job differs in several ways from how it was originally described. Changes are never discussed, and any increased responsibilities or demands are not reflected in your compensation.
No clearly defined bonus structure, even refuse to pay cost-of-living increases, despite good performance reviews. They usually cite the economy as the excuse, but the company is growing by 40% a year.
Management is arrogant, unresponsive, entirely top-down, and dictatorial. No input is solicited from those on the front-lines, and there is little consultation between different functions.