Pros
Because the IT department is so under-staffed, there is plenty of opportunity to learn new technologies. You also have a great deal of individual responsibility.
Cons
Under-staffed, low pay, zero recognition for a job well done, management does not understand the employee's job or responsibilties and just 'passes down orders', The workers literally work themselves to death at this company and have little opportunity to advance. Benefits are poor at best (expensive and no vision coverage). Vacation time is also severely lacking compared to other companies. There is no cash bonus plan unless you are in management, however, there is a discretionary (and small) bonus your 401K if the company does well - this really means nothing unless you are already vested (after 5 years). There are also no formal reviews or regular cost-of-living (let alone merit) increases.