Pros
Very educational for the wrong reasons.
Cons
Mismanaged on all levels. Managers are just lapdogs for the owners, who at the expense of treating their employees right and building a great company, would rather fill their own pockets.
If you can't find anything else in the job market, I would just treat this as a stop-gap/pitstop, not as a serious long-term opportunity. And when you do leave, don't tell them anything. They will try to get you fired from your next job. It actually happened recently with a former employee. He did everything right and worked hard during his time here but that ultimately does not matter to these people.
In short, this company is built on lies and other people's unrecognized hardwork. It's doomed to fail.