Pros
This is a great place to have a job - the work environment is generally good. They have good benefits, average vacation, and are very flexible if you need to re-arrange your schedule around family needs. The work is interesting and the people are smart.
Cons
Draper is a bad place to try to grow a career. As a practice, they only promote people who have led successful projects (i.e., projects that led to follow-on revenue). There is no path to promotion for people who choose to focus on technical work or for people who agree to lead riskier projects less certain of successful follow-on funding. When they want upper level technical staff they hire from outside and do not look to advance their own people. Communication has generally been horrible between upper management and the rest of the company. However, we just got a new CEO (in Oct 2014) and hopefully that is going to change. There is very little support for software engineering - IT caters only to administrative and management functions and it is very difficult to use any current software tools, packages, etc. that are available to enable better software development.