Pros
Design comes first. Period. The clients and opportunities are great, and everyone is involved in making better work from those chances. They win most projects they encounter with a combination of genius, incisive decks, and affordability. People are close. People stick around. People look out for each other. The work doesn't get bogged down. There are now enough project managers and account people to create a real operation.
Cons
A certain important person is a handful. There has been a shift his/her role, but if you work on the project she/he is focused on you are in for indecision, never-good-enough mental gymnastics, and poor process. Many people actively make sure they aren't near his/her zone of influence, which isn't fair to the people who get caught over and over. Everything is taken way too seriously. It takes the joy out of the room. The studio isn't well prepared for interactive work. The studio isn't connected to the local community in the slightest.