Pros
When I first started there were intelligent developers, middle management that understood development, and a VP of engineering while willing to throw developers under the bus was also willing to say "no" to the owner.
Cons
Failed to hire or even address a VP of engineering for 2+ years. Owner distrusted and frequently blamed engineering for many problems. Owner is not willing to provide the tools to allow the developers to do their jobs, nickel and dimeing for hardware, while still demanding timely work. The owner decided to transition to Agile and in doing so hired people to make the transition in such a way that talent was hemorrhaged at an alarming rate. In ability to advance, for much of my time at the company, your title was based solely on your number of years experience versus whether one fit the description of title.