Pros
Flexible work hours. Benefits aren't too bad. Job security as long as you're at least halfway competent or showing an effort. Relatively high starting salary. Good amount of freedom in implementing new technologies; as long as it works, it's okay. Great pool of talented developers. Good place to start a career.
Cons
In terms of web technologies, they are constantly playing catch-up. Web technologies are not pushed by management and are basically left to developers to decide what new technologies are worth implementing, and even then, it has to be compatible with their archaic infrastructure. Pay raises are dependent on how well you can sell yourself and what you've been doing all year; basically it is a huge BS fest and whoever can BS the best wins! You will likely get a raise every year, but the average raise is 3%, which will likely not cover the annual cost of living increase. Even though the company is filled with amazing talented developers, it is also filled with some pretty bone-headed, uninformed managers who are stuck in an old way of doing things. Depending on where you work or what project you're on, they can be a bit stingy when it comes to getting you the equipment you need to do your job.