Pros
Some excellent colleagues who are good at their jobs, friendly, funny & intelligent. The lack of formal structure means you have more flexibility to work from home / work while travelling / etc.
Cons
The ones who are carrying the business are not acknowledged, while friends & family of the CEO are promoted or kept in positions where they are not contributing anything tangible. Lots of talkers, but few doers. Plenty of 'yes men' exec members kowtowing to the CEO instead of contributing or listening to the experience and expertise of their staff, so top-down decisions keep being made that do not work - including an expensive operational software that the company is still paying for. Absolutely no pay rises, year after year, no formal process for annual reviews that lead to pay increases. Company structure & terminology to be used changes monthly at the whim of the CEO - a time-wasting distraction from the real issues and sets back progress.