Pros
Opportunities to do some real production and post production work at a young age. Fairly regular work equates to roughly part time, so full-time students can work here. The owner is flexible with hours for other commitments and is friendly and relatively easy to work with. Editors often get the freedom to work the way they like for a first cut. Nice editing suite to work with. Possibly the most easygoing post-production environment you'll ever have in this business. Casual, comfortable, and for the most part convenient.
Cons
Does not pay well. You will not make livable wages working here. Annual income will reflect the short work hours clearly and is equivalent to a part-time minimum wage job. Owner can be difficult to negotiate with regarding money, which can be frustrating when you realize how much the videos you work on cost clients and the percentage he keeps for himself. Somewhat disorganized work environment is not what you'd expect as an editor. You will occasionally get a script, rarely get a shot list, and never get notes from the set. It's up to you to piece everything together. It's also not a place to meet and network with other professionals in the industry. You'll meet plenty of clients and business people completely unrelated to the industry, but most of the time you're editing on your own or with the owner.