Pros
They leave you alone if you are doing your job. There are no hassles providing you are able to put in the appropriate amount of time to justify your earnings. There is little structure, so that leads to a "flat" organization. This is a good thing because you do not have to go through layers and layers of management to get approvals for items outside the norm. They are liberal on their expectations, basically as long as you are performing your job functions and management reporting, they allow you to "run" with what you feel is appropriate. They are effective in linking your skills with the needs of the position.
Cons
Small, no marketing, as long as there is work you are OK.