Pros
Good job security. They wont fire you even you do absolutely NOTHING. Benefits are actually good.
Cons
This will be a long list: Shady performance review and promotion system. Engineers with different job descriptions are compared with each other. By that logic, you should be comparing that guy that cleans CEOs car with cleaning ladies. And this "normalization algorithm" is just shady as *. Now they are even implementing a special performance grade just for R&D. If base salary for RD is already higher than other engineers, why do you need a special grade? Getting a promotion does not guarantee a raise(like, seriously?) Cronyism. Bunch of people does not know anything but playing politics. Terrible training system. Some departments not carrying their weight (looking at you, facilities and QC). Upper managements setting unrealistic goals with no extra resources. Incompetent lower managements. This is however somewhat due to upper managements like to micro manage everything. Low base salary. I heard new hires are getting better offers these days, but it is nowhere near to being competitive. Overall poor planning and slow decision making. Dead weights that handles crucial and time sensitive tasks not delivering even once, but never called out nor corrected. Meanwhile people that have been performing extremely well is asked to work even more overtime. Just to name a few from the top of my head.