Pros
I've been working at Toggl for over a year and I can attest an open and transparent culture that fosters a good working environment. There have been many actions towards creating a great place to work such as the recent initiative to be focused on results meaning that we're quite flexible to arrange our working hours as long as objectives are met. The recruiting procedure is known before hand and you are clearly presented with all the steps that are needed to arrive to a satisfactory result. Also, when someone is let go, the reasons for that are made public with the person involved being able to provide their feedback as well. There's no sugarcoating to the fact that sometimes a person has to be let go because their performance is not the expected or because their position has been made redundant due to the internal organization changes or other factors.
Cons
The products being developed are good and its time tracking one is a leading the way but the company needs to be able to grow at least to 20% annually in order to remain competitive in business. So, a company with a great culture and team but there are clouds ahead a couple of years from now if it doesn't find the way to increase the revenue.