Pros
It looks good on a resume. Also, while management may be inept, fellow workers are often intelligent, creative and passionate. Because of the tiny teams working on major projects, you do get a lot of hands on experience before you inevitably burnout. When a product does come out, you can take a measure of pride in the amount you contributed to it. The locales are beautiful, and the benefits are good. There's a cachet value of being in the industry and not having to be in Southern California.
Cons
Extreme territoriality between departments and divisions. Lack of transparency in budgets. Complete disconnection between creatives and management. Low pay, particularly for working in the Bay Area. No stock options since it is privately held. Arbitrary deadlines often set by management with no hands on experience with creative processes.