Avantages
Being a software developer at a smaller software company puts you right in the action. This isn't a place for someone who wants to do 8 hours of adequate work on some internal application and then drop it all and go home, this is a place for people who want to get things done, and that's well-established in the company culture. The company is expanding rapidly, and there is a lot of room for growth for people who can run with new projects or show initiative.
The core development team is very knowledgable, and provides a good foundation for new people. The kind of software being developed provides great experience and exposes developers to a large variety of relevant tools and technologies.
The employees are a close-knit group, partly due to company events like weekly company lunches, company parties, and other social events. Benefits are good: solid insurance, free parking or public transit pass, your choice of computer provided by the company, reimbursement for $1000/year of recreational spending, bonuses, etc. Location is a plus as well - the office is in a nicer part of downtown Cleveland, and living expenses are still low here.
Inconvénients
There is a lot of work relative to the number of people to do it. Work/life balance can suffer from time to time as a result, although this primarily affects more senior developers with greater exposure to customer issues. It can also be difficult to keep track of everything that is going on sometimes.
Recent growth and the addition of new roles have brought on some new challenges which may take some time for the company to figure out, but that's not really a pro or a con, just a result of the stage the company is at.