The flip side of the low friction management structure is that you need to take on more ownership of finding high impact work--don't expect to handed out work, you need to identify the work and then get it done. I see this as a plus, but it can make it a little difficult when you start out.
Having a high density of smart folks can make it feel more competitive than it really is, and that combined with the pretty low average age of employees can result in the occasional abrasive conversation.
Being privy to the roadmap and our plans overall but not being able to tell people about it when they interpret our steps towards our grand vision in a negative light can be frustrating.