Pros
Product still differentiated, in spite of less than stellar development efforts. Customer base embraces the technology and "makes it their own". Still the market leader in the category that they created.
Cons
Culture is now that of a big, spreadsheet-run business, where the vast majority of employees feel no connection beyond their immediate manager. Some of the new executives act as if they invented the company, when in reality they've had little or no impact yet. A start up can go in a couple of directions. They can flounder and never get bigger, while maintaining their culture, or they can grow rapidly, turn over a high percentage of employees, and become large. Splunk has done the latter, which is great for shareholders but maybe not great for employees.