Pros
They'll hire you straight out of college with no work experience. They don't require a great degree of technical skill, so if that's a weak area for you, don't worry. The hours are generally not very demanding, I've never had a job where I actually had to consistently work 40 hours a week. Your work experience will vary widely depending on who your supervisor is, so it's hard to predict how strict or laid back you'll be able to be.
Cons
They are currently in the middle of a downturn and having layoffs. Which would not be so bad, but in the 8 years I've been here, I've seen 3-4 layoffs. They don't seem to do a very good job predicting how things will go. All of the pain is felt by the rank and file employees, while the corporate officers don't seem to be punished at all for providing poor leadership and guidance. This is also not a good place to work if you want to grow and learn. They talk a good game, but ultimately you're just going to be learning more about Caterpillar. The longer you work here, the more you're going to be stuck working here.