Pros
Very few. Some of the engineering teams are able to work together quite effectively, despite constantly moving goal posts.
Kontras
Zero time for bug fixes, updating post-end-of-life libraries, or general system improvements. No planning or organization. Constant emergency bug fixes and issues being thrown over the fence. A massive finger-pointing culture. Bug fixes and features that are years old that were dropped on the floor for the new fire. Flat management means Craig can come in and wreck your entire day. I've been on many meetings where my direct supervisor didn't know what my peers were working on because Craig had pulled them off onto another task. They claim it's a "startup culture", but are you really a startup with 700 employees? You're also expected to be answering Slack every minute of every day. I was personally threatened with being fired for not responding to a Slack message at 6:30 pm.