Pros
The benefits package isn't ALL bad and is actually pretty comparable to what most companies offer. They used to pride themselves on offering team building and recognition activities for their employees, but that bottomed out once the layoffs began, divisions were being sold off, and department functions started shifting. So, there might still be a potential for that to change for the better one day.
Cons
The morale and corporate culture are, by far, the downsides of working for this company. Among other things, as an employee you might experience FAVORITISM, an inappropriate reporting structure (people reporting to friends or others they have a relationship with outside of the company), a true lack of appreciation for employee contributions, poor communications between staff, a top [management] heavy structure, inconsistent salaries for similar positions and salaries not commensurate with experience/skills, little room for advancement and a company that seems to lack a strong sense of direction with regards to management and employee retention efforts. Turnover rate is VERY high as a result of unhappy employees and frequent layoffs.