Middle management doing the best they can against short-term senior management vision.
Pros
Your experience will vary depending on where and for whom you work. I had an amazing manager who took to heart the concept of work/life balance. She also skillfully directed me to tasks and projects that broadened and stretched me. Salary was very competitive. Benefits were ok, but they got worse over time. National healthcare would certainly help Xerox as well as other companies with the excessive financial burden of providing healthcare benefits.
Cons
Short term senior management vision. Cutting headcount looks good on paper, and in all honesty, the first couple rounds probably did get rid of some of the dead weight. But they've gone way past cutting the fat and are now into muscle and internal organs. It's ultimately an unsustainable strategy, and short-term makes it difficult to plan and execute with so much turmoil.