Pros
Industry knowledge - Since you'll be figuring everything out yourself, you get the chance to learn feet to the fire! True understanding of the definition of "Toxic Work Culture". You may meet a couple of really good people who are still trying to figure out if they're survivors or idiots.
Cons
Micromanagement to its fullest extent. Literally getting screamed at in front of peers over things you did NOT do incorrectly (but egos will not allow for apologies). Absolutely no strategy, no direction, no context. They can't tell you how to do something because they typically don't know, but more obviously so they can berate you as desired. Also, be wary about bringing your industry connections with you, as observation shows you will be used for them and quickly discarded.