Pros
Good company. Well compensated with great time-off and other benifits. Work/Life balance seems to be important to the management and is greatly appreciated by the employees. If you are looking for a place to settle in for a long career and are flexiable with switching groups from time to time, it can be a great place to work. Other perks include a casual enviornment, and flexiable hours and the ability to work from home if necessary. Most managers take the stance of as long as the work gets done, that's all that matters, so clock-watching by the managers isn't a big problem.
Cons
Company is large to the point where it is sometimes hard to be noticed outside of 1 or 2 levels above your level. Information regarding changes in the orginization or similar happenings are often poorly communicated to the employees. It can be easy to get stuck in your current position and be overlooked for promotions and raises. Ratings are given on a curve so this further inhibits the ability to get a raise or promotion unless you force their hand. Obviously at this point in time (Feb 2009) it can be somewhat nerve-racking when your company is in the news every day, but I think if you are in the right group, there is a long term future at the company.