Pros
Despite the current economy, it is a comfortable place to work--good benefits, decent pay, flexible scheduling if your management agrees, stability. Difficult to get fired--I tried to fire a really poor performer and HR basically wouldn't let me. They wait until a periodic 'reorganization' to layoff the bottom performers. Do decent work, have some occasional successes early on to make your reputation, don't 'back the wrong horse' management wise, and you can work there forever. One of the biggest employers in the area, so there are some perks with community events and discounts, free rail passes, museums, etc. although they are cutting back on some of these during the recession.
Cons
Career advancement is who you know, not performance based. Top down decision making at the expense of innovation from the ranks. Very risk averse--comfortable also means dull. Planners and project managers have taken over, emphasizing getting the product out rather than making it a good, innovative one. Watch out for the idea stealers--present an innovative concept, have management ignore it, then see it presented to leadership behind your back--then you have to implement it while they get the credit! Large company pluses and minuses -- the other side of the coin that you can probably work at a minimum level and get a paycheck, but if you have ambition you're likely not going to get recognized unless your manager knows the right people and is in the 'in club' this quarter.