Pros
You are working at the beach, even if your office doesn't have a window to see it. Sometimes you have little contact with your boss(es) which can provide you with a degree of freedom to perform a given task. The people you work directly with are some of the best folks you can end up dealing with on a day-to-day basis.
Cons
In a word - MANAGEMENT. Or lack of it. In the IT department here you answer directly to an executive. It would be better served if there was a manager and/or director in between to help manage expectations on both sides of the equation. The demands your boss places on you can sometimes border on illegal (last time I checked, non-exempt employees are to be compensated for time worked). Favoritism and/or nepotism are rife with task allocation. Praise is hardly ever evident while condemnation for even the slightest infraction is not only common but usually over the top as well as misplaced. Policies are antiquated at best and completely unreasonable at worst. Most times this could actually be considered a hostile work environment. Constant yelling at you, snatching phones out of your hand without warning while on a call, and pounding on desks by an executive out of frustration due to an inability to articulate clearly - all behaviors exhibited by not only your boss, but others in managerial positions who like to think they're your boss. You will be threatened with being outsourced and/or escorted off the property by Security should you even think to question the mandates by your superiors. Do understand that there is no confidentiality at this company; anything you say to anyone will more than likely get back to your boss and you will end up with some type of retaliatory issue for it in some way or form (this includes talking with HR). The company takes itself entirely too seriously. Benefits are not the worst but certainly not the best (the 401(k) is non-matching). Pay is above par for the title but below par for the responsibilities. Even the lunch provided is substandard.