Pros
You never really have to ever work than 40 hrs/week, super cushy (many get by with only 25-30 hrs of work/week), relaxed/unspoken deadlines, interesting work. Great for new engineers, women.
Cons
The same tasks are done over and over again, wasted effort, poor engineering management (poor direction, lack of experience), career advances stall easily if you're a high performer while lackluster vocal people get promotions (one guy got one even though a task that would've taken any decent engineer 2-3 months took him almost 2 years), the matrix organization where non-technical managers make the decisions, new engineers decide a lot so there are plenty of mistakes, pay is on the lower side. Need better management diversity (top are all Causasian women, followed by all Caucasian men).