Pros
Flexible hours, reasonable workloads, minimal/zero crunch, collaborative team members, a fair amount of autonomy (as long as you deliver the goods), and an opportunity for people new to the industry to show off their talent right away.
You're going to be proud to have your name on the product being developed.
Cons
Screening for employees is sometimes unsuccessful. There are a handful of past employees whose inability to deliver on their promises and the repeated opportunities they were given to rectify them ended up stalling progress on the project. If you can't deliver a wide range of ideas or can't process simple, iterative feedback, this company may not be for you. It's a small team, so you have to contribute.
The project did suffer from a few restarts but now it is thoroughly underway with a unified vision and with proper project management plans drawn up.