Pros
The are many knowledgeable and competent technical people. Mid-level management and project managers do a good job bridging the gap between technical teams and upper management. The work is interesting and a good customer base exists to support future funding.
Cons
Senior management is completely inept and support for technical people is non-existent. Benefits are consistently and continuously reduced or eliminated. Employee morale is incredibly low. Knowledgeable technical people are running for the doors due to incompetent upper management. Upper management sees no reason to keep these people in the company. They are trying so hard to be exactly like all their competitors that there is nothing that sets them apart in order to attract the best talent.