Pros
There is opportunity to take on various roles and learn a broad range of skills. Everyone is close-knit and friendly. The culture is quite laid back and relaxed (sometimes too much so). We were recently acquired by Mercury Computer Systems and are currently undergoing re-structuring. Hopefully we will take advantage of the benefits and resources of a large corporation while still maintaining the feel of a small company. Also a new first-class facility is in the plans within the next year or so.
Cons
A lot of times the vision and leadership of upper management is vague and counterproductive. Aside from annual reviews there isn't much structured career development or training, so what you get out of the company is truly dependent on what you put in (this can be good and bad). The facility isn't that impressive.