Pros
This is a forward-looking company that is trying to change how utilities do business. It has the stability of a large corporation, but the feel of a start-up. There is tremendous growth potential and the benefits are outstanding. The company is not perfect - how could anything that large and complicated be so? However, there is a clearly defined culture, and the expectations are that you will be a person that is not content to sit back and be told what to do. It is also a fairly flat company - there are only three steps from me to the CEO (and I have no special title). The do/say ratio at American Water is the closest to one that I've ever seen at a large institution. To succeed here, you must be willing to 'fail fast' and take risks. Further, effort alone is not enough, you must produce tangible results.
Cons
Very minor, but the division that I joined suffered something of a purge in the last two years. There is some resentment and jealousy towards new employees by the old guard. However, they lost close friends and colleagues and it is understandable. I expect that as time goes on and success comes our way, this will ameliorate over time.