Pros
The hard working people are some of the best I have worked with. Fun product, looks great on your resume. Everybody wants to be a hero. It is always a good experience to work in a chaotic, start-up environment; you learn a lot and will make life-long bonds with some co-workers. Working for crappy managers can also teach you survival skills that always come in handy.
Cons
Definitely the lack of real leadership. Top level employees are out of touch and lack integrity. The HR department's leadership is the biggest joke of all. Do not expect honesty, professionalism, definitely do not expect due process if you have trouble with your manager; they take the "At Will Employee" concept to the extreme. You can be fired on the spot for wearing the wrong clothes, not making the right "friends", or simply having an idea about how to improve a process (something few at the company are actually interested in exploring). The executive staff are all afraid of upsetting the CEO, they are all highly paid 'Yes" men and women. I understand respect and agree with the concept, what I will never understand is why a man or woman in a leadership position would create and feed an environment where everybody is more interested in stroking egos than in building a future for a company and the employees that dedicate 70%+ of their day to make it all work. Nobody will work together to solve problems, it is always the other guy's fault when something goes wrong.