Pros
Interesting and important projects - you get to build stuff that really matters. Great work-life balance. The vast majority of work weeks have been 40 hour weeks. Salaried employees are eligible for OT pay in most cases. Fair pay and benefits.
Cons
Growth opportunities are sketchy, and seem to be more about who you know, and being in the right place at the right time. Promotions have become almost nonexistent for the last couple of years. This is part of a company acknowledged effort to cut costs. Very bureaucratic. Extremely hard to make positive changes on any of the large programs. Lack of communication and knowledge sharing between teams. None of the fun benefits you'd expect as an engineer in Silicon Valley. If you're young, single, and fresh out of college, there are probably better places to start your career.