1. Expectations can change drastically.
2. Employees (including management) act within clicks. It is ok to have a group of friends at work, but that should not affect flow of information or responsibilities and it should not imply favoritism.
3. Personally I would prefer a bonus to free popcorn or bagels.
4. Constant feeling of a shifting target.
5. The feeling that someone oversold the deliverable and now you're playing catch up.
6. Structure and process aren't all the way complete, you really have to be highly personally motivated to accomplish the tasks
7. Not participating in their socials can hurt your career advancement within.