Pros
Office lights come on at 6am automatically (know this well from working many all nighters). QA personnel could always be found at the pool table and fuse-ball table. Free dinner so you'd work later, great if you don't have a family, or a life. Lots of meetings, discussions are always taken offline; so you'll have meetings to have more meetings; will keep your wheels spinning. Life is good as a code churner, no accountability, no system architect. Realistic nay sayers are considered negative, so always answer with "Yes, I'll take care of it".
Kontras
Senior executives can't make simple decisions and makes empty promises. No sales traction, no new customers, and lost lots of old ones. Unsustainable and unsupportable product; developers write code in a vacuum without documentation. Executives can't plan past a paper bag, can't plan past next week. You'll burn excess PTO, this is normal as you can't take days off with too much stuff to do.