Pros
This is a great place to hone your skills as a developer. Working with a small startup, you get to have a lot of input and work directly with everyone in the company. Everyone was very easy to talk to and work with. Your work schedule is flexible, especially when it comes to school. Management is open to new ideas, even from newer employees, which is very refreshing. You get to wear many hats at this company and its great because you can see a product, one you specifically helped with, from start to finish. You get to see the entire product life cycle and have a hand in it the entire way.
Cons
There is not a solid structure when it comes to creating a product. From handing a product to a developer to deployment, it is very lenient. This is good because management isn't breathing down your neck all the time, but it leaves the possibility open to flaws after deployment. The last thing anyone wants is for a client to find a bug that development missed. Before I left we started incorporating a checklist which helped immensely! But it was typically the developer themselves running through the checklist, not QA.