Pros
Benefits are virtually unbeatable (401K, Pension, Full tuition reimbursement, medical, dental, OT, schedule flexibility, vacation time). Relatively simple to transfer to other available opportunities. The Houston Location is a great place if you want to be involved in systems integration and project management, or are more interested in the human factors and concerns of space exploration.
Cons
The Houston site is not really an ideal location for aspiring Technical Design engineers. Most of that happens in California, Washington State and Pennsylvania (depending on whether you're interested in R&D, Commercial planes or rotorcrafts respectively). I would recommend this site as a good "way in the door" if you're having trouble getting to those other locations as it's relatively easy to transfer within Boeing.