Pros
Great team atmosphere, you are supported by managers and peers. There is a sense of comradery within the team where there is a built-in relation of togetherness. As a small team I believe we are able to produce more than just the sum of our individual parts, and that is due to the organizational structure, management styles/techniques, the cohesion of the team, and how everyone on the team has 'bought-in' to the success of the organization. The smallness of the team allows management to recognize the importance of individuals and set them up for success in how they personally operate.
Cons
With is being a small team there are cons associated with sometimes being swamped with assignments, but with the support around us that is highly mitigated.