Pros
Management is smart. Every move is analyzed and deliberate, and there have been few mistakes. There is a lot of transparency -- everyone knows where we are, where we've been, and where we're going. The team works hard and has delivered some impressive releases -- nearly always on-time, and often with only minor fire-fighting after the fact. The working environment is very open. Most of the engineering team is in a large space with no walls, so communication can happen at any time and everyone has the opportunity to overhear something that may impact what they're doing.
Cons
The open environment is a mixed blessing. If you don't like others' taste in music, or if watching "The Office" makes you cringe, you'd better be comfortable with headphones. Hardly a day goes by without my hearing something that I'd have preferred not to have heard (often in the "music" category, but every once in a while an off-topic comment will slip by) and some days it really affects my productivity.