Pros
Employee ownership fosters a sense of actual ownership of jobs and projects. Lean initiatives have been somewhat successful, as employees buy in. They do right by their employees a lot of time, and the core values are really amazing. If they're followed, they make you feel like you're a valued member of the team. If your boss is great, your life is great.
Cons
Lots of nepotism still rampant at this company, even though HR supposedly put a stop to that. Relatives of higher up employees have lifelong jobs, no matter how they are doing. If you're not family, you have to work harder, and get paid less. Pay is sub-standard and the yearly cost of living raises are considered adequate. 3% a year is standard. Not ok. Flat organization makes it hard to get anything changed, as so many people need to approve any change that it usually loses steam and flops. Engineers make bad bosses a lot of the time, but it's the only way to move up here so that is where they end up after 20 years. Misogyny and unfair treatment of women is rampant. Pay gaps, lack of promotion and being called "honey: happen a lot.