Great place to work overall but with most of the classic "big company" flaws
Pros
Overall the benefits package is great. We have a 401k plan with a good match. We have an actual Pension (cash balance) on top of the 401k. Very generous vacation package (6+ weeks per year is not uncommon). Limited telecommuting and flex time depending on job function (mostly tech workers). Medical coverage used to be great, hard to say now, it's been gutted recently but might still be competitive since it seems everyone else is gutting theirs as well.
Cons
Most of the senior management comes from the declining side of the business rather than the growth side and the policies reflect that. This is most apparent in the way new policies are being used to justify head count. Head count is still growing in the growth divisions but it's an uphill battle trying to justify it. Moving up within management basically requires relocating. Health plan has been getting less an less generous, especially if you want family coverage or need any prescriptions. Too much red tap and too many "silos" to get things done very efficiently.