Pros
If you do a pretty good job and don't have any royal screw ups, you've got a pretty stable career. They will work harder than the average engineering company to find you a place to contribute to whatever work is available worldwide. Perks and benefits are pretty OK.
Cons
It can be very hard to understand where you stand in relation to your career goals There is a great deal of organizational inertia. Employee development programs are underdeveloped. Networking seems to be the key to success. The annual performance review system has changed dramatically every year I've been there, and does not seem to do any real good for the employees. Pay is reputedly low compared to the industry average. The current cafeteria operating company (a contractor) is not very good and has a habit of bad service and spiteful attitudes.