Pros
A genuinely fun place to work - with a casual working environment, and a relatively close-knit community. It's a small company, so you'll get to know everyone - for better or worse. Some fun company events, and the development team is a lot lower-pressure than some other dev teams I've worked with.
Cons
Compensation is a pretty big issue. MobileSmith pays around 70% of the market rate for comparable dev positions within the Triangle area - and the additional "perks" aren't really worth it. Small 401K match, TriNet administered healthcare, etc. A company loyalty program that basically amounts to a popularity contest. Developers are contacted weekly by recruiters, and it gets very tempting to jump ship. The biggest problem is the complete lack of future growth/potential. As a public company, the quarterly reports are posted on the website - and they aren't comforting to employees that are looking to make a long-term career in the company, since there are constant issues of going concern regarding the low revenues and high debt levels. Overall, I'd say that this would be a good choice for 6 months to a year after graduating from a computer science program, but that it wouldn't be a good bet for anything more than an entry level gig. Investing the time in learning the proprietary systems / software doesn't seem worth it, because I can't see a long term future in the company's products or services.