Pros
Collaborative work environment. Great attention placed on communication - management meetings, quarterly planning, all hands, etc. There is a lot of autonomy given to its people, trust to make the right decisions vs. top down management.
Cons
Executives lack focus and don't seem to care about leading the company in the right direction. The lack of adult supervision causes major thrashing. It is possible the execs actually care but are just out of their league. Rally has recently hired several executives with requisite experience for a public company, but it is hard to tell if the old regime will step out of the way. There are major issues with the product that has been ignored for years. Sales and marketing can get a foot in the door with new customers but once the product is used major disappointment sets in. Again this is the lack of leadership - not focusing on building a good, user friendly product, but just being feature driven, which isn't much of a strategy. Certain execs are not held to the core values the company spouts. Trust and respect is apparently optional if you are good 'ol pals with the Emperor.