Pros
A small, open workplace with glass-walled offices makes for easy communication. Morning scrums give everyone an opportunity to share what they're working on. Casual environment; frayed jeans and t-shirts with slogans are commonplace. An Xbox gets played often after quitting time. Good camaraderie among staff, who are mostly young and many have video-game industry experience. There is a good amount of pride in the brand, and the workplace decor shares that branding in fanciful ways. Strong 'startup' mentality, though the company is not a startup. Management is open about what deals are being made, what projects are coming in for how much money, how this balances against the studio's expenses, etc.
Cons
Emphasis is to work faster, not smarter! Constantly-moving goalposts result in friction between management and staff, and there's no HR department to help. Sudden last-minute obligation, without warning, to work a late night or weekend with no idea of what "done" means is common and expected. A lack of wireframes, code reviews, and automated software testing makes for an immature development environment and encourages "cowboy programming". Entire focus is on what needs to get done for next phase of a project; there's no long-term career planning or development for employees. Strict starting/quitting times and noon lunch hour feel more high-school than professional.