Pros
Great people, good atmosphere. Good place to learn new things if desired. Family like interaction with co-workers. Enjoy the freedom of being able to contribute in creative ways, not too much sticky tape involved. Not too much for rules to be adhered, get the work done and be done with it. Paid OT is nice, as it regulates the hours per day. Many old-schoolers know the systems well and can give a helping hand.
Cons
Lack of communication at times, lack of documentation. Lack of promotional opportunities for most employees. Knowledge hoarding at times makes things a bit difficult. Old school in technology and process, not much for process improvement (six sigma, no way). New ideas aren't easily implemented. Go with the flow or drown.