Pros
A small team made up of great people. You always have someone to bounce ideas around with.
The CTO is very involved in the day-to-day coding, so he can relate and understand technical problems, which in my experience is not always the norm.
Management was very open to change, so I was able to have a huge impact quickly after joining, by suggesting the whole dev team should do on-call rotations, to dog-food our work.
A great office in the heart of the historical center. I used to walk or bike to work, and there are showers, so you can even bike on a very hot day.
Cons
The company can be unfocused at times, with engineering chasing cool problems instead of doing the boring but necessary maintenance work. This has gotten better over time.
I left because they had to downsize, money was tight. It's a small company, so if potential financial instability scares you...