Pros
The flexibility to work on the projects you enjoy the most is the biggest pro for me. My job changes on a quarterly basis as I find new sprint projects that turn into full time gigs, and management allows for me to experiment and try new things all the time. There is a lot of trust within teams and everyone is always willing to pitch in. It's truly a family environment.
Cons
Work-life balance can be tricky; It's easy to work a 14 hour day and not realize it. At the same time, there are married folks on the team who work more flexible hours with no discrimination from management. You're free to work from home if you want. It's a culture that as along as your getting everything done plus some it doesn't matter how many hours you work or where you work from.