Pros
The people, world-class engineers, the technology... Incredibly challenging. The breadth of technology you work with is impressive. You don't get to do this sort of thing anywhere else in the world. You get to deal with top-notch customers. You get to do things that no one has done before at a scale that no one has attempted before. The career growth opportunities are pretty good.
Cons
Staggering lack of communication, lack of discipline, architecture support is weak, tactical management is mediocre, though strategic management is pretty good, much, much emphasis placed on (short-term) financial performance of the company as opposed to long-term investment and growth. Not much emphasis on professional development and training. They don't want to spend the money. Much lip-service paid, but little results.