Pros
Meetings only when necessary! This means instead of talking about getting work done, you actually have time to get work done! Great co-workers and relatively laid back atmosphere. Relatively well-oiled machine with only the occasional fire to put out. Excellent work-life balance, competitive pay and decent benefits. Never laid a single person off when the economy has soured. Strong trust in the owners, great humble human beings that look out for their employees.
Cons
Limited support (in manpower and machine time) for troubleshooting / improvement efforts due to lean workforce and high through-put. Leadership in day-to-day activities works well within each department but leadership and oversight on long-term goals is lacking at times. Limited opportunities for training, etc. Every company has a person or two that is difficult to deal with. But the overwhelming majority are a pleasure to work with.