Pros
Low pressure work environment, latitude to pursue your own initiatives and ideas. Most (not all) people are at least easy to get along with. Lots of time off, and opportunities to travel once you get above the level of button-pusher.
Cons
Hard to get above the level of button-pusher. Starting pay is not great, and promotions are rare, and usually only come about when someone above you gets tired of it and leaves. Younger company = younger management = less turnover in management positions. Middle management positions often seem to be decided on "who has been here the longest" basis, which in some cases means "who didn't have the ambition to look somewhere else for a job". Upper management seems to tie middle management's hands as far as raises and promotions are concerned, which speaks to a lack of trust bred from the wrong people being in the wrong positions.
