Pros
Smartest bunch of people I know under one roof. By far. Flexible, independent (depending on group) work. Freedom to propose, have opinions and instill change. Interesting, exciting and challenging environment. We may be many things, but not bored. Innovative, take-risk, release often - fail fast environment.
Cons
Meritocracy is not as strong as the old-boys-network. Building an org based the smartest, best in class, type A people requires management skills not present at all levels (promotions often seem based on technical, not managerial skills). Instituting change can be slow and painful - ruling by consensus is not always efficient or effective. Limited work experience outside Red Hat, many associates know only the Red Hat way. Not effective in trying to increase maturity in a large organization.