Pros
Allows to grow skill sets to be able to take to the next job. Pays a good starting salary but will back peddle on promises made EVEN IF documented. After that raises are few and far between. A lot of people will be in the same boat you are so you will find great friends because misery loves company.
Cons
You learn how a company should not be ran and what a business environment shouldn't be like. 70 hour work weeks are normal and expected. There is no work life balance. The owner will call at 3am and you are expected to answer. They willingly and consciously break labor laws (state and federal) to improve margins. Upper Management will step over dollars to pick up pennies. Upper Management will ask for you to "Bring me solutions not problems" but will not follow the advice of the solution and then violently scream at you when it blows up.