Pros
The benefits and stability of the company give a feeling of security. Salaries tend to be on par with similar jobs in the industry. Depending on the job function and the individual, opportunities are available to take numerous assignments in a relatively short period of time. I have been impressed by the quality of my peers and a general willingness to help -- more experienced employees are happy to share their knowledge and often serve as informal mentors. Certain areas of the company seem to genuinely encourage a healthy work / life balance while others are making an effort to move toward a more flexible and employee-friendly workplace.
Cons
Employee morale is generally low. Formal feedback tends to be vague and lags behind by over a year, making it difficult to improve in rankings. Career development is often dependent upon the direct supervisor, who may or may not make an effort to provide growth opportunities such as training or special assignments. Senior management is far removed from the entry- or mid-level employee and communication regarding goals and objectives are often contradicted as it moves down through the layers of management. Younger employees feel unheard, not respected, and often taken for granted. In recent years, a number of employees have left the company for a competitor -- not for a new position or even better pay / benefits. They simply found that they were treated better.