Pros
The people mostly, Airbus is full of intelligent individuals who are great to work with. The opportunities to get involved with wider Airbus activities is also a lot of fun, very rewarding if you identify with Europe. And either way, there's a lot of history and lots of ex BA and BAE employees who are more than happy to tell you the rich history of aerospace in the UK. The training offered and development schemes available are numerous and an excellent opportunity for someone willing to put the work in to get on them. As a word of advice; be visible! There are a lot of people at Airbus, you need to make sure people know you. The managers I have dealt with have all been keen to develop people, even if the pressures of production can raise the blood pressure at times. They appreciate intelligence and motivation, but will not appreciate people who want an easy ride when they're struggling so much.
Cons
Production pressures are immense and everyone feels the strain. There is a lot of inertia and competition over targets and objectives. The age and size of the site make significant changes very difficult and as with any business there is a lot of bureaucracy when deploying new technologies. There are a lot of employees who are apathetic and complain a lot, and some of the shop floor staff feel very undervalued.