Pros
It's a very stable company that isn't affected as much by economic downturns like some other companies because when you need a water heater you'll buy one instead of waiting. Benefits are competitive with most large companies. Management is open and receptive to being challenged for the most part, and the culture is good. Micromanagement isn't an issue. They hire you and trust you to do your job.
Cons
Turnover is a big issue because the pay isn't great compared to competitors. Their philosophy is to start people at the low end of the pay scale and have you top out in the middle of the pay scale, regardless of experience and performance. It's worse if you work at a smaller plant because you tend to wear many hats but only get paid for one job. Career paths aren't very clear either because people with the same title at different plants may have very different job duties.