Pros
Great company with outstanding research reputation and solid mission statement. Over the past 5 or so years, they've become more responsive to market needs instead of being mired in the "this is what WE want to do, so this is what you (the market) need" mentality. (It still exists, tho.)
Cons
Painfully low salaries (esp for people who have been inside the company for any length of time), very difficult to get increases once in the company (HR is dead-set on keeping employees below salary band midlines, so annual increases and raises for promotions are very small), still a lot of old-guard thinking and very slow to make changes. It can feel like trying to turn the titanic. Money is ALWAYS tight and projects are routinely postponed or cancelled because of lack of funding.