Pros
Flexibility, PTO and work/life balance are good as long as you're organized. Some great people work there, but there are bad eggs too. Opportunities are available to learn quite a bit about the industry if you seek them out. The knowledge I gained helped me get the job I have now.
Cons
Management lacks transparency and follow through. Not a meritocracy -- raises, bonuses and promotions are based more on who you're friends with than the quality of work you put out. Opportunities for growth are not equally available. Good employees will be used until they burn out, while those that work the system comfortably float by and promote mediocrity. Morale is extremely low due to high turnover at all levels and poor management decisions. Comp is below industry, and net pay has been decreasing due to higher premium costs being passed along to employees.