Pros
Flexible work schedules allow you to have a good work life balance. I had no problem spending time with my family, making doctors appoinments, kids recitals etc. They provide a great environment for innovation and thinking outside the box. They support you in these efforts and reward you with small trinkets and gift cards. You come up with a way to save them say 50k a year and they give you say a 25 dollar gift card(for example). It took me way too long to realize that I had to get another job so that I could reach my financial and lifestyle asperations. However, they did throw some great employee parties with good food, good music and alcohol on the company premises which made for some awesome times.
Cons
Poor pay and raise structure. No advancement for the average Joe. Political/favoritism.