Pros
Flexible hours, love my team, good opportunity to network with lots of people from different backgrounds, good diversity, opportunity to become involved in a project where you don't know much about it and you end up learning quite a bit. Great if you wanna travel since they pay for everything, so you are saving a lot of your own earnings. With benefits and covered travel expenses, you really are a "member" at this company, but without travel I don't think it is worth it...
Cons
I'm on a horribly managed and time crunched project. Everything is rushed, there are no processes for everything, but we do feel like we have some say in what we do (although this is probably the only project where that can happen). Payment is every 2 weeks (80hrs) and in order to get comp time you must have over 95hrs for 2 weeks. Everything over 95hrs is considered comp time (1hr of work for 1hr of comp time) which you can take at anytime as long as your manager on your project gives the "ok". So, you must "contribute" or "donate" 15hrs in two weeks before you can gain comp time hours. It's really frustrating if you do 10-15 hrs over 80hrs, and you don't get anything in return....