Pros
First and foremost, we put out great products. Our products run businesses, and our Claims systems are critical in helping people in times of crisis. And we have a great time doing it! Decisions about how we develop software, who does what, and our schedules are mostly driven from the lowest level possible. This is the most egalitarian place I've ever worked, where everyone's opinions matter and senior managers don't make "because I said so" decisions. We have fun with each other, people are expected to do their jobs, and nobody looks over their shoulder to check up on them.
Cons
Because decision-making is bottom up, we spend a lot of time in emails and meetings doing communication, aligning different teams and direction. It's also a bit chaotic, and you have to get used to a bit uncertainty at all times.