Pros
A lot of autonomy allowed--teams are able to drive their own direction and allowed a lot of flexibility in execution direction, growth focus, etc. Individuals have a lot of options for growth and can quickly own areas or explore areas of interest. Strong "no-asshole" culture where the team is a pleasure to work with. Accessibility is high. From highest level of management to entry level researchers, eng, etc. communication availability is always there. Hard work, intelligence, and results are valued.
Cons
Mid- and long-term roadmap not well-defined, which means that anticipatable directions changes occur unnecessarily. Feedback and assessments not clearly defined. Common resources can be constrained so lead time can be long depending on requests. Technology hurdles exist that cause a lot of operational difficulty/inefficiency all around.