Nobody calls you when not in office.
No real performance pressure.
No significant requests to work overtime.
No significant requests to travel.
Given the little stress the compensation is not too bad.
It can be the right place for a person that needs a very favorable life-work balance and is getting his/her satisfaction from non non-work related sources.
Cons
No performance recognition nor review.
The only empolyee measure is working hours.
Refusal of new ideas.
Inefficient processes can not be changed as this would modify the current status quo.
The future targets of the company are unclear to the employees and uncertainity is the most common feeling.