Pros
Small office environment allows for constant communication with project managers. An appropriate fit for developers who benefit from consistent supervision and guidance on development tasks. Management clearly delineates project goals and tasks required for achieving goals. Very quiet office that minimizes distraction from non-work activities. Managers are straightforward with feedback; very good for employees who desire honest evaluation of their work.
Cons
Must adhere to project manager's outlines for all development tasks, very little opportunity for improvisation. Not a good environment for developers that desire creativity and independence when building applications, or for those who prefer to figure things out on their own rather than ask for help. Management could be characterized as "micro-managing". Employees that are sensitive to criticism will not enjoy working here. A fair amount of written documentation (of time spent on projects, details of progress made, descriptions of development tasks) is necessary, so people who dislike this will likewise not enjoy working here.