Pros
The sense that targets are there to be achieved by everyone together, plus the fact that those targets are not just money. Creative problem solving is encouraged at all levels, and although there might not be time to execute every idea, you'll be listened to and given credit for whatever you come up with.
There's a real understanding of how a job should fit into the rest of your life. They see the big picture of how happy people work better and it's not a cynical "management style", it's just what happens when you employ (and are run by) people who aren't a*****oles. As a concrete example, I've known people go on holiday, have some calamity that takes up the first few days of their leave and been told (not just allowed, actually told) to tack a couple of extra days onto the end to make up for it.
A big, solid pro is the Familiarisation scheme and C&S inspection trips. Because someone has to go and inspect every place, you end up staying in a lot of cool hotels, B&Bs, treehouses etc. There's also a few dogs in the office, tonnes of cake and fairly frequent singing round the grand piano (yes, really).
Cons
I've seen other reviews seeing that you could get paid more elsewhere and that's almost certainly true, but quality of life, from flexible hours and so on, is worth a lot. The only other issue, fairly standard for small companies, is progression, because there aren't many positions to move up into and turnover of staff is pretty low.
