Pros
People are understanding, and respect a work-life balance while still being driven to get the job done. Most people really care about doing their job well. Rewarded for hard work even for lower level salaried staff. Has a small company feel while playing with the "big boys". Management is receptive to input from all levels, and cares about employees. Younger staff can quickly gain significant responsibility, allowing growth not possible at other companies. Staff at all levels seem to enjoy working together, and often joke with each other. Relaxed atmosphere and open door policy. Benefits - health insurance is reasonable.
Cons
Company lacks the traditional leader with the powerful personality, but this may be by design. As with many companies, there is a culture gap between generations. Lack of transparency and conversational communication from management for a company that professes to want an ownership culture. No publicly defined bonus or salary structure, even for management. The lack of transparency can create resentment that wouldn't occur under a public structure.