Pros
You might have the opportunity to work with Forture 500 telecoms who will hopefully pull you over to be full-time with them. It might be the work-life balance could be the only positive, but that's totally dependent on your project.
Cons
Everything - reputation of the company is in the drain, the founder/CEO spends profits developing a system that will truly never be picked up, as its predecessor is the main complaint of it's only customer (a Fortune 500 telecom). Most of the company is an offshore development team in Chennai who are slow to move, do not report actual progress, and are riddled with complaints from sexual harassment to discrimination. Benefits of the company are absolutely terrible. Pay is not on par with the market. I received good performance reviews due to a good relationship with my manager, but I regret having this company on my resume.