Pros
Decent pay (but bonuses are decidedly sub-par). Every other Friday off. VERY good medical benefits. Some good people left, last I knew, but most have left. Paid overtime, but overtime pay is capped at a ridiculously low rate. So if you're anything beyond an entry level engineer, be prepared to work for less pay if you cross the 40 hour per week mark.
Cons
Where do I begin? Micromanagement is pervasive and extreme. Cumbersome processes that don't help, but rather impede success. You are expected to track your time to 6 minute intervals, and there is actually a corporate policy written down somewhere that tells you how to charge the time you spend using the bathroom. Compliance to these processes is strictly enforced, but the tools you are expected to use will not warn you if you're in violation. Example: you accidentally put your hours for Monday in Sunday's box. The timecard software happily allows this, but that night it generates a report to senior management saying you didn't put in any hours for Monday. You then have to write a letter explaining your mistake, apologizing, and explaining how you are going to keep this from happening again. 2 lines of code would fix this issue, but they would rather spend (read: waste) the money on countless hours of indoctrination and persecuting "offenders" for honest mistakes. Very unstable work schedule, too. You can be pulled off one project and onto one completely unsuited for your talents from week to week, and that's if you're lucky and not just let go. Very often, you will be crapped-on and if you protest, you will be told "be happy you have a job." If you enjoy being treated like a worthless cog in a vast, complex, and completely broken machine, then this is the place for you. If you want to sit around, do nothing but fill out timecards and collect a paycheck until retirement, then this is the place for you, and you can probably secure a management position. But, if you have any talent at all and want it to be recognized and put to good, productive use, and you don't like being micro-managed to death, then run. Run fast, and run hard. And don't even look back.