Pros
If you love aerospace it's a great place to work. I have friends here who dreamed of working for Boeing their entire lives. It pays pretty well for engineers, and fairly good salaries for non-union employees.
Cons
You have to be REALLY aggressive in job-jumping to get equal-to-cost-of-living pay increases. It's hard to say whether the management in your organization is going to be good or not. A lot of the benefits that Boeing has been topping the competition with have gone away or been lessened: paying for education has a cap and other stipulations now, medical costs are rising, some of the 401K matching is changing... Not the place I signed onto after college, benefits-wise. I am leaving the company, but the main reason is that I'm not being paid enough for such boring work. People here are either under-utilized and bored to tears, or overworked and management fails to fill the staffing needs.