Pros
Pay was very good. When the company was managed well there were lots of opportunities to find interesting work that would help you grow your skills. Now, middle managers have no idea what their employees are doing and if your work dries up you are on your own. The clock starts counting down the days until you find new work at at the company and after a certain amount of time you are laid off.
Cons
Toward the end of my career the company was facing real identity problems after the defense contractor business gravy train was curtailed and it is still trying to consolidate to become more competitive in that market. Long story short, many of my former colleagues have since left for other companies and those who are left are looking for employment with a company that has strong leadership and a sense of where it is going.