Pros
Great training, Varied work with exceptional people in unique fields. Opportunities for experiences that simply aren't possible elsewhere. Incredible diversity of fields and technical specialities within the organisation, with diverse roles to match. If you're able to embrace opportunity and push yourself (and sell yourself!) you can very much build your own role. Massive potential flexibility in working patterns, ample leave.
Cons
Government work so salary will always be lacking and subject to the whim of politics. Defence in general is in a period of massive change - the company is trying to embrace this and modernise but uptake and embrace of this is patchy across the organisation. Team Leaders (1st line management) of variable quality (TL role seen as a transitory position to achieve advancement for technical types) although a more rigorous training regime and career structure is changing this. Don't Stay Too Long - unless constantly pushing it can be easy to find yourself pigeon-holed.