Pros
I've been employed at Backflip for around two years now and have loved every minute of it. The studio management is receptive to feedback and trusts their employees to make decisions at both the game and studio level. The hours are great, as overtime is generally frowned upon by everyone at all levels, which is a breath of fresh air in gaming. A majority stake in the company was purchased by toy company giant Hasbro over two years ago, and the transition and relationship has been great. I think the future is looking bright for the company as a whole.
Cons
The studio has experienced some growing pains as they went from a company comprised of a few people sitting around the table to over 100 strong, but they are doing their best to make sure all their bases are covered and the growth is managed well. It also seems like they are having a hard time recruiting, as there isn't a lot of people in games who live locally.