Senior management is still peppered with the "old boys" of the company's dying past as the private sector version of an officer's club. Though they will fall in numbers as the years pass, the few that remain are in senior roles where they appear immovable. Their disconnect from the more dynamic, ambitious, overworked and underpaid, and less clubbable employees is frustrating at best.
While the pay is slightly below market, it is tolerable. What is less tolerable is that the pay is not commensurate with the workload or the toll that the work takes since it is highly stressful. This will not likely be resolved any time soon.
The final con is the sheer level of bureaucracy and administration. Even the most determined and well meaning employee, a zealot, a fanatic, would give up at the futility of achieving even the smallest amount of change. On the plus side, they know it and hopefully they will do something about it.