Ventajas
FLS was a true "developer" game company - the combined Dev, Art, Test, and Product teams worked together well and there was very little BS. The CEO Russell Williams is one of the nicest people with whom I've ever worked and always had the development team's best interests in mind. He and the producers Cindy Ball and Misha Williams also know game development inside and out. Very much developer control or input into technical approaches to solve the business problems.
Desventajas
FLS was in the unfortunate position of being behind the curve in terms of profitability. Thus they had to take on work-for-hire contracts. It's very hard to get out of that cycle, and it resulted in several unrealistic or harsh contractual terms and deadline demands.