Pros
Very transparent. Constant re-examination of policies, pay, etc., strong desire to continually improve the company. Employee-focussed. Coworkers are excited, motivated, passionate. Awesome clients/projects. Low stress. 10% internal time. Accelerated rate of learning due to the fast-moving rotation of projects. Coworkers trust each other. Everyone's voice can be heard.
Cons
There is a lot of re-evaluation of policies, pay, etc. This is common at startups and I mostly see this as a pro, but things do change quickly. For example, I read another review that compensation is low at Intrepid, but this has already improved drastically in the time I have been here. This would not be the place for someone who wants to work at a stable, well-established company.