Pros
If you want to work at a place that allows you to "coast" then this is th place. ESRI is a good place for a technologist and a GIS person. If you enjoy developing custom software or products, this is the place. The place is filled with lifers who have been in very similar positions for a long long time which really says something about the company.
Cons
ESRI is refusing to grow up. Jack has surrounded himself with yes men/women. Jack's willingness to change and adapt with the times. Take the logo for example - it is so prehistoric. The company wants to go big time, but with the current senior management there isn't a way to get there. Not enough opportunities for talented business people. It is all about the technology and Jack's yes men/women. No career growth opportunities. No sales commissions, no bonuses. If you work very hard or you just coast, you get about the same recognition.