Pros
The product is cutting edge, and people have a solid grasp on how to use it. While I'm allowed to handle my workload independently in terms of both micromanagement (doesn't happen) and scheduling, the environment present in the team I joined was excellent. I love the variety of projects I've been associated with -- my direct report is quite creative so I never know what's coming next. She's also a hard worker, which makes it easier for those on the team to push themselves a little harder. I haven't noticed much of anything in the way of politics here. People work very hard, everything's straight up.
Cons
The workload can get a little stressful, with crazy hours expected from management on a semi-regular basis. No catered meals or much group socializing (team-building).