Pros
Lockerz acquired the company I built and was the CTO of, Plixi. Being an integral part of a KPCB backed company is a great learning experience for anyone that works for Lockerz. You'll hopefully grow lifelong relationships with the leaders, mentors, and investors of Lockerz.
If you work hard, you get to work on things that interest you and have a big impact to a wide audience. Also, the pay was good for senior people.
Cons
There was always a Seattle vs. San Diego attitude once the Plixi team was acquired and there were two offices. Even two years after the acquisition when most of the people in Seattle were new, there was still this animosity between the two offices. Everything is 100% in Seattle now, which is a good thing for the company. Working remotely was never set up in the companies culture, thus the company never strongly benefited on the strengths of remote workers.
For a small company, there were a lot of politics involved. People were more worried about he-said-she-said stuff rather than just working on the product and making it better for the users.
For a startup-type company that doesn't have its product quite figured out yet, and doesn't have crazy growth traffic, there's no need to have a huge enterprise software/hardware stack. It was the opposite of the Lean Startup.