Con: with most startups (mostly the vc funded ones) it feels less like a startup and more like a corporate. The hacking ethos and mission driven teams have been replaced by overly nice offices, steve-jobs-wannabe-kid-ceos and mediocre team mates. I’ve lives both worlds and it seems there are few places left that are like the old days.
The lack of engineering skill among teammates is a huge con in general to working in the Silicon Valley, not just among startup. The money is too good and the bar too unrelated to actually maintaining code. Personally, I've found startups are one of the few ways to not spend a career mucking out a mess dozens of others left behind with few tests and even less design.
