Vantaggi
If you are just out of school then this might be worthwhile in order to gain a bit of experience while looking for a real position with a worthwhile firm. A sort of check-the-box move.
Svantaggi
If you have some experience or are interested in working somewhere that will actually contribute to a career then there are countless reasons not to even send a resume. The main one being that all operations and decision making is currently being handled by an unqualified individual. They have no business running a firm and the resulting issues demonstrate this. If you are hired, you will be at the mercy of their whims which will mean that eventually you will join the ranks of countless people who were promised one thing and then were fired or quit. The work itself is all last minute and shoddy. Mostly brokered out. There is no future here and that is a direct result of the management.