Pros
Hard-working, dedicated, professional fellow employees. Lots of motivating perks (both work-related and non-work related). On-site training programs, continuing education opportunities, excellent health benefits. Subsidized, on-site services like haircuts and massages. On-site day care and diner. Very flexible scheduling. Casual atmosphere (no suits!).
Cons
As the company gets bigger there's an obvious disconnect between "the people" and "the king". Opinions are not always heard. Good ideas are often tossed out by lower- and middle- management and then lost. Action is taken before all the facts are in, which sometimes makes more work for everyone in the long run. Departments are isolated and don't cross-communicate well. There is often a duplication of effort as a result.