Pros
Due to the high turnover, you will be exposed to a wide variety of jobs that you will not normally be exposed to in another company.
Colleagues are really nice and helpful though that may be because everyone has a common enemy.
Cons
There is a reason for the high turnover. Where do I start? Egomaniacal founder/CEO who likes to be surrounded by sycophants, the real possibility of being unpaid when cash runs dry, poor or zero management centred on one person and paid/sponsored advertisements disguised as rigorous research.
The 3- to 6-month honeymoon period is spot on.