Pros
The team takes quite a bit of pride in achieving the "impossible". Definitely a fulfilling sense of pride when we actually pull it off. Catered lunches on the regular are awesome. Been working with the same group of core people for many years. Hard work breeds more hard work and I love it (though I'm addicted to being challenged). Leadership digs into the trenches with everyone else which is great to see. In previous employment, when the going got tough management always disappeared to the closet only to return when stuff was easy again.
Cons
Its a challenge like no other. Priorities shift quite rapidly (which kinda stinks), but at the same time the priorities of the customer force that change. So...understanding the culture has learning curve.