Pros
At times, it can be interesting technology to work with. Heck, you get to play around with microcontrollers and LASERS! Your fellow "grunt level" employees are usually nice, knowledgeable, and (at one time was) a close-knit team.
Cons
There are constantly conflicting product designs from marketing and the CEO, although the CEO changes his mind every few days, so occasionally his thoughts align with the marketing designs for a brief time. On any given day, it is unclear which design is the correct design to follow -- which can be a problem, considering the "designs" mainly consist of UI and often need weeks worth of separate "plumbing" in place for each/either UI. For a while, there was an "Engineering Manager" who seemingly had no power. Engineers were told to report directly to the CEO, completely circumventing this guy's authority. It was almost as if the manager was there only to fill a box on the org chart and to schedule useless daily "yes sir" meetings. The CEO does not trust the employees. As such, the employees learn to not trust the CEO. But he takes Thursdays off, so that can be your day to either get some real, uninterrupted work done or to goof off or to schedule job interviews (all depending on your level of trust in the company.) Burnout and turnover are real problems.