Pros
Pay & benefits are pretty comparable to other medium sized companies, more than small private companies. Make sure you get it in writing before jumping on board. Very high ethics, particularly on financial activity and financial stable. If you're in sales, it can be pretty exciting for a while, BUT the honeymoon will end quickly.
Cons
If you're in a leadership or sales position, then expect the strategic direction to be vague and without a solid business plan. It's unlikely you'll be given the guidance, time or resources for a significant initiative. Bureaucracy is limited mainly because of thin staffing. This also means you're not likely to find a procedure or knowledgeable manager with spare time to give you direction. Organic growth is limited due to lack of innovation of current product lines and weak product development training. Morale is pretty low in many areas because of the constant headcount reductions. The thin staffing burns a lot of people out and leads to short sighted actions.