Pros
The perks are nice. The work environment is extremely lax. Expectations are low and there is little accountability. Middle management is mostly clueless so it's very easy to slack off during the work day. You will never get fired. If you are writing a comedy series or a comic strip about indifferent workers and clueless managers, this job could be an excellent source of material.
Cons
It is an extremely political environment driven by insecurity and paranoia. If you can tolerate being in the right clique, you will do okay. You will also do okay if you are indifferent about work and are just there to collect a pay check. It is not the place to be if you are a high-achiever. You will be seen as a threat by middle management, lose what little autonomy and decision-making power you had, and get criticized when your less-capable peers complain about you refusing to do their jobs for them. Most of the high-achievers have already left so what remains are lazy "lifers" and the naive who do not know any better (do a search on the "dead sea effect").