Pros
They used to have good benefits and were relatively safe from layoffs. The co-workers are great.
Cons
Teamwork has been tossed aside. Company morale is extremely low. Leadership is based on the concept that "no one is more royal than the king", as one senior manager put it. Processes that should address these issues exist, but are so pie-in-the-sky that they cannot succeed. Results from employee surveys are spun to fit expectations. Those that can't be spun in a positive manner are solved by either adding on more required training, or rewording the surveys the next time. An example may illustrate the atmosphere: someone complained that the US flag outside the building either needed to be taken down at night, or illuminated if left up. The solution was to cut down the flagpole. I'm not kidding.