Pros
Salary is good. When profitable, they share the wealth with a nice bonus. Stock purchase plan and options too. They pay well. They have to because there is virtually no other reason to work for them.
Cons
Middle management is the worst I've ever seen. With the quality of PMs, it's startling that they are able to ship anything. Scheduling is very weak and unrealistic. Lack of any planning discipline. There are very entrenched political rivalries and the blame game is their favorite sporting event. Behavior is often very unproductive and unprofessional with those who yell the loudest winning the day, regardless of technical merit. They are good integrators and optimizers of the manufacturing process. Their capacity to develop new technologies is very weak as it is a different methodology than the integrate-test-ship cycle repeated every four months. I imagine more than half of their actual development budget is completely wasted through a lack of proper requirements, poor architecture, inefficient execution, cancelled projects, etc. All projects have a very definite time-horizon of a few months. Any longer term development devolves into chaos. Vacation policy is annoying with mandatory furloughs, a low maximum accrual, and nagging to keep your balance low.