Pros
Splunk was built on the foundation of an amazing product and amazing people. It was one of those few companies that came to market at the right time and had the right blend of startup talent that could scale with the business. In fact, the product and people were so strong it withstood a multitude of poor decisions.
Cons
You will hear that companies need to change to grow. Although that is true, there is still good and bad change. What was once a strong overachieving culture has turned into big business as usual, rewarded more for what you say you're doing and less on what you're actually doing. A string of top level hiring miscues has cascaded down multiple levels and the only ones enjoying their day jobs are the newest hires from large companies that are unaware of what a collaborative, selfless and political less environment looks like.