Pros
Great place to get a start. Its a stable place to work ( i.e. if you do your job and are at all competent you'll be able to keep it for years). Pretty good support for training and education, so long as it pertains to your current job. They encourage telecommuting which allows for a good work / life balance. You can pretty much live anywhere you want.
Cons
Senior management has no real clue what they're doing. There are frequent reorganizations ( one each year i've been there). Most jobs require working with different groups within the company and the groups are very territorial. Getting things done as a developer / engineer is worse than pulling teeth. Each group is under staffed so the implied expectation is to work late, work on weekends, to get the job done. Telecommuting is encouraged , yet its a double edged sword in that if you work from home, you're available 24/7 to work. There's virtually 0 chance for career advancement.