Ventajas
Leadership really understands the space, and the product-market fit is great. The strategic initiatives make sense, and the whole company gets easily aligned on them. It's pretty clear to all how the efforts being successful make the company successful. Also clear how teams and individuals can make the efforts successful, so overall rewarding work. There's no infighting, castle-building or passing the buck.
Desventajas
Still figuring out how to scale, and under-investing in program management. Generally at the inflection point between small and medium company, starting to see cracks where people don't document quite as well, still rely on in-person alignment, and struggling with the ensuing complexity. Same on the product management side, some crises of identity between customer/sales oriented folks and platform/long-term product development. However, not finding it hard to resolve conflicts. The usual growing pains around codebase, refactor, etc. aren't as bad; people generally know what to do, and are juggling it with the immediate needs from customers.