Pros
None to speak of, unless you enjoy migraines and hypocritical people.
Cons
Extremely two-faced people who will demote a manager while they visit family in hospitals and relieve you of your job via group text (which goes to people who don't even work there) because you're sick with mono. Expect a middle school-esq environment, and if you happen to be unable to attend an event outside of work (read: drinking parties), you'll become part of the "uncool" crowd and will not be invited to other events. You have vacation at the start of the year, but don't expect to see money from that on your check even if the vacation time is approved. Oh, and have fun inventing your own work to stay busy: You'll run out of things to do because other people aren't doing their jobs (i.e. the owner's so).