Pros
The projects are often very cutting edge and challenging within the electrical engineering realm. The atmosphere is fairly casual and they do try to balance work/life when you need time off (so long as it's not too much time). In some cases, employees are left to do their own thing which can be a pro and a con. The owners are very skilled at salesmanship and making great impressions to get new business.
Cons
Once you're there for a while, you begin to realize that they don't really value or trust employees as much as they lead people to believe. Overloaded schedules are the norm and you should expect to be yanked from projects before you complete your tasks. They say you will be rewarded for putting in the extra hours and effort, but it never materializes. You may initially get a decent raise, but don't expect it to match performance ratings after a while. Young engineers are often left to flounder given projects way beyond their skill level with very little true mentoring.
There is also no regular retirement contributions/matching from the company. Their track record for delivering projects on time is also very poor. The salesmanship mentioned in the Pros section brings in business, but it is often based on half truths or sometimes downright untruths. There are also occasional emails sent from the owners that most people find highly unprofessional and borderline offensive.