Pros
Very low stress environment because there's no accountability. Flexible hours, some awesome people to work with as long as you can weed out the bad seeds.
Cons
With no accountability, there's a major lack of growth for you professionally. With no growth, you can forget any plans for promotions or raises, even if you've worked hard and taken on way more than your job initially required. Those with integrity have to continually push themselves, as they're surrounded by waste-of-space, paycheck-collecting employees. Of all the upper management connected to the CEO, there's only one person who is trustworthy and genuinely cares - but even their hands are tied. CEO is aloof and has delusions of grandeur that he's Steve Jobs. In reality, the company has the most antiquated technology out there - and even though this has been brought to the table hundreds of times with real solutions to fix the problem, there's no plans for real change. CEO employs a close friend who's incredibly inept and has cost the company thousands of dollars in poor decisions and mistakes. This person gets moved from department to department, rather than fired. Another higher-up has the CEO wrapped around their finger and is the one source of communication to him - spinning and twisting events to make themselves look better and the truly hard-working, smart people look bad. There's an underlying mentality that 1) if you sit in your seat for 10 hours a day (mostly doing nothing) and 2) if you've done this for more than 10 years - YOU ARE A ROCK STAR! Those who come in, work fast, get the job done right (but haven't been there for more than 10 years) are not even appreciated or considered valuable. This mentality is pretty demoralizing. If you have no ambition, are okay with terrible compensation, like working with no direction or vision, and want to collect the same paycheck for 10 years - this is the place for you. If you're seeking professional growth, recognition for hard work and want to work in the real world, this is not the place for you.