Pros
Lots of room to grow professionally, but you've got to make your own way and be smart about it. Training is the "sink or swim" model which some find difficult but generally it keeps out the riff-raff (though it wouldn't hurt to establish a wiki or some regular process update/professional development meetings every once in a while). INTELLIGENT initiative is rewarded, but this is a small business, so you may not get exactly what you wish for, but once you learn what rewards are available, you can strategically achieve them, and management will work with you if you both pay your dues and you don't assume you will change the whole company overnight. Strategically minded people can thrive here, but if you need a ladder with a definite advancement structure this is probably not the place for you (although they are trying to set that up I think).
Cons
It can be frustrating getting ideas up the pipe, but if you learn how to work with management you'll eventually get there. Remember, this is a small business and you have to learn to work with people, not positions. The CEO is literally right over there and is generally pretty accessible.