Pros
Free coffee, laid back atmosphere, little supervision
Cons
Corporate hates the base level employees. They drive around in sports cars while barely increasing pay annually that may or may not beat inflation. Systems used are outdated, slow, poorly designed, needlessly creating a lot of tedious work for most people who use it. Development is slow and seems to introduce more problems than solutions (ironic for a tech company). Extremely poor inter-departmental communication. Managers are (save one or two) clueless, self-important busybodies who create more inefficiencies than they solve. Processes are developed, written down, then change over the course of 5 years without anyone having the idea to update the documentation. Similarly, processes are developed without considering other departments' context (if applicable) so if someone tries to do something another department usually handles, they're almost certainly going to do it wrong.