Pros
You can come in when ever you want and leave when ever you want, even if you are an hourly employee.
Even though your are given a 15 min break a few times, you can take a 20-40 minute break if you want, no one tells you anything and the company doesn't track it.
You don't have to clock out for lunch, so you can take however many minutes you want. What sucks is that they subtract 30 minutes though so I never took less than 30.
You clock in and clock out, but no one checks the time. What I did quite often is missed punches so I can get paid over time. One time I got paid 60 hours of overtime in a pay period (2 weeks) and no one even noticed.
You can be there but don't really have to work. I have a personal business that I run out of my home and conducted my business while I was at work. They let you use your cell phone on the floor, so I was always texting and occasionally answered my phone while at work. It was great to get paid for both at the same time.
You can say that you will work overtime, but when the time comes, you can just leave with no ramifications or not show up if it was on a weekend or holiday.
There is no hierarchy, so if you want something you can just go straight to the owner and tell him what he wants to hear so what you want will happen.
There is no expectations of what you should produce each day, so you can kick back and just chill and get enough out to stay under the radar.
Cons
I had to actually go there and clock in and clock out. If it was internet based, I would have just clocked in and out from home and never go in.
If you work in a large department (5+) people it is hard have a cover when management ask where you are at. I was in a department that had 3 people, so it was easy to create a alibi when you were gone for a long period of time (even a whole day)
You will get thrown under the bus constantly. It is a culture of pointing fingers.
They pay sucks, but the pros outweigh the pay.