Pros
You always know where you stand and you always get to share in the successes and the flops. There is no hidden agenda. There isn't any political backstabbing. There is ample room to grab onto new tasks and run with them. You can create your own position and build and grow without limit. You have unlimited access to management who listens to new ideas - maybe not implementing them all but at least they hear.
Cons
The economy has us by the tail so we go where it goes. It can be frightening. There isn't enough security - but that is industry specific rather than just our company. We've made it through two major recesssions but there is always the low level fear we'll get smacked down by the next one. Oh, and as a recruiter there is a famous expression, "You're only as good as your last search."