Pros
Young office culture, fun and loose environment. You are not required to dress too professionally in the office. If you have to come in late here and there, no worries! Very laid back and understanding environment, gifts for hard work, and general recognition of work. Promotions are generally in the form of raises based on performance reviews, but promotions in "position" are rare and harder to obtain. Good insurance, fair vacation, etc. Good people.
Cons
Middle Management is comprised of long time employees who were not originally groomed for Project Management. This leads to poor communication with subordinates and internal QA/QC issues. Ultimately the product of the company is always of good caliber, but after internal conflict due to poor management.
Internal structure makes it extremely hard to move upward in position because of hierarchical review processes and lack of trust from middle management.
While upper management may give a few tasks here and there to those who prove themselves to manage on their own, hardly ever does this result in increased responsibility of subordinates into managerial positions.
Some project managers are at times unaware of project status and/or technician responsibilities. Project managers are not well trained in effective communication or great leadership.