Pros
The developers and direct development manager are great, but upper management seems to make poor decision after poor decision, and is driving all the good development talent away.
Cons
Upper management has recently made a series of poor decisions that have led to the loss of several senior development team members. Their solution to this was to implement mandatory overtime requiring a minimum of 55 hours/week. The pay is already very poor, so forcing this overtime led to even more developers leaving. If you are thinking about applying to the SEC, think twice - you'll probably be required to work mandatory overtime, which will only be revealed to you after you finish your 1-3 months in the QA lab. Also, if you try to do the right thing by giving them notice that you are resigning at the end of the month, they respond by telling you to pack your things and go home immediately. This has happened several times in the last few months. My advice to any current employees, if you happen to find a new job... don't give any notice, just tell them on your last day that you aren't coming back - otherwise they will try to screw you over.