Pros
Staff is generally courteous and helpful. Benefits are attractive for a small company. Staff longevity is good if you are either in upper management or the administrative staff.
Cons
Upper management, in general, decides who works on programs, how much they work on the program, and how fast you burn through your budget. You will be responsible for technical performance on programs but hey dictate how to spend the money through their "technical review" process (and, by the way, this dictates your technical approach). Overhead rates are extremely high (to support benefits and a superfluous admin staff) which cuts into program budgets significantly. Lots of admin. resources but very few provide any significant help to tech. staff. Lots of time spent after hours working to get things done. If you interview there then ask about employee retention. There are many employees there with 15 or more years with the company, however the ratio of tech. staff to admin. in this grouping is extremely low. In other words don't expect to be employed their very long if your on the tech. staff.