Pros
You get to 'own' what you work on - no one will come rescue you. So you'd better be on top of things
Cons
Chaotic, last-minute changes, endless bickering over details, extreme lack of long-term vision planning and communication, little understanding at upper levels of efficient ways to work better, management requires working demos (requiring enormous amounts of throwaway work), management forgets previous decisions at every design review meeting, extremely poor benefits package (they're just cheap!), offices and furniture are often shabby and worn, reviews are simply random facts, managers are not accountable for bad decisions, bad people skills get you ahead, "good" managers are those that avoid work and foist off their responsibilities to others, hard work is *not* rewarded or even recommended, but endless meetings about what should be done are the way to succeed.