Pros
Great benefits. Opportunity to grow and upgrade yourself. Easy answer to give when someone says, "Where do you work?"
Cons
Generally speaking, they prefer to pay for project time with interest. Preference to hire transient resources and use overseas workers results in lower quality code that costs more time to get done right over the long run. If you're half descent at what you do, prepare to play the role of a technical janitor. You'll easily get burned out. Not the company's fault, but a large company means lots of bureaucracy for it to function... to the point that productivity gets affected. Lots of internal acronyms to learn. Lower base salary is compensated with higher bonus, which vacillates as needed. Think variable income. Also means the 6% 401k match only applies against your lower base, not your total compensation as a whole.