Pros
The people who do the work are on the whole smart, friendly, fun and very committed. Some fascinating projects.
Cons
Management seem to live on a different planet (not that unusual I admit!), are completely isolated from the rest of the business, and do not seem to get on very well with each other, or wish to communicate or even associate with the rest of us. Sadly management bickering filters down and feuds and fighting pepper the business at many levels. The company has grown through acquisition and is effectively still several different businesses which communicate and work together poorly. There is no meaningful review process and merit is on the whole not rewarded. Some of the basics required to run a business are just not there, or are implemented badly and not joined up. Great un-managed pressure is often placed on key staff, without support. Very reactive and frequent changes in direction. A "sink or swim" attitude is common - with very little technical or process support provided for new colleagues who are expected to just pick very complex things up. This is however slowly improving. A small company ethos - which just does not scale up.