Pros
Openness and flexibility are the rule here, great if you are a family guy. People are interesting and genuinely nice, great place to make quirky, rich friendships. Health care benefits are better than average. You can't beat the company's mission. Fun place, not bound by tradition.
Cons
Chaotic, incapable management do not align resources with priorities. Promised spend never arrives; no one is held accountable. Underperforming employees, even at a senior level, are shuffled around the company. Rampant lack of re-investment in programs and people leads to missed opportunities. Junior-level folks in some areas lack mentorship and deliver poor work unchecked. Also, a nearly philosophical reluctance to pay market rates has led to increased turnover as the job market improves. (For my position, I found that Morningstar pay was roughly 30% to 45% below market rate.) Because of this, Morningstar is on track to become an also-ran in many areas. Interested in working here? Depending on the area, I would strongly reconsider, especially if you are mid-career. The chaos just isn't worth it.