Pros
Some managers have different control/management styles and at the same time some teams have very tight timelines, so if you extremely unlucky and fall on a team that has those two characteristics, work-life balance can be hard to achieve. Otherwise, as long as you work for 8 hours, you're fine. Working from home or even working remotely is possible once you've built trust and demonstrated to be a valuable asset.
Cons
As a software development shop, they still have a lot to learn from the industry. Some (or most) of the tools and technology they use is past their prime. Don't expect to be able to suddenly start changing the tools and practices radically. That being said, I left shortly after the new, young CEO was named, and a lot of things were changing quickly, so it could be possible that the development process will change soon too.