Pros
You get to work on good projects, sometimes (as long as it's not the core webmail). You get treated well by management,. Development process is truly Agile - features get built and tested very quickly. You also get to wear jeans to work, shorts if you want. Work hours were pretty flexible.
Cons
Management shifts priorities with unsettling frequency. It's almost like they don't know what they are doing, and are just chasing after whatever they think will make money. However, they havent' found it yet. The leadership team isn't very good at leading, and they don't inspire much confidence. The truth of the matter is they shouldn't have any anyway. They hired a few people and then laid them off a few months later. Clearly, they had no direction and no idea what was going on.