Pros
Management works to accommodate your schedule as best as possible, especially if you are flexible in turn. Full-time home-based position? Yes please. Positive reinforcement; you're thanked and encouraged for good work. At all levels, employees get personal attention and mentoring. You get to work with a CEO who really knows the business. She also values input from employees and customers; she takes feedback very seriously and learns from mistakes. All the employees teach each other things and we communicate often even though we work remotely. With a growing company, there's lots of room for opportunities. Changes happen fast, which means problems get fixed very quickly. They actually care about what you *want* to do in addition to whatever it is you're good at doing.
Cons
You're technically an independent contractor, which brings the burden of managing your own taxes, etc., but you know that going in. It's a fair trade-off for the flexibility they offer. Fast changes and flexibility goes both ways - you're going to need to step up when you hadn't exactly planned on it, but it's worth it for the flexibility you get in turn.