Pros
The team is small enough to know who to ask for information but large enough that resources aren't scarce. Very open with communication. Nothing gets swept under the rug and no one is chastised for bringing up something negative. Development resources are incredible. They work quickly and deliver quality. Tons of interdepartmental communication.
Cons
Lots of tangential conversations. I personally don't mind it, but staying engaged is important to hop onto opportunities and projects. It can be hard not to get swept up into something. You have to police yourself and remember what the most impactful priorities are and juggle that with passion projects. Ownership is key - you are in charge of your own projects. If things get busy and priorities shift, it is up to you to keep track of what you want done and make sure it gets executed (even if it is lower priority). There isn't someone who is going to hold your hand or manage your task list.