Pros
You don't have to do much here to get promotions and raises. Many of the software developers here lack motivation, so it's easy to stand out. Stick around for about 3 years, don't create too many defects, and you'll be looking at a Dev Lead position, since there's so much attrition.
Cons
Many of the people here have a lack of motivation, either because they were born as clock-punchers, or because they tried to change things and got discouraged. The QA group generally does not read documentation, so they end up writing a lot of emails for clarification. The BAs also tend to clarify a lot of things via email, without documenting them (causing a downward spiral since the docs are not up to date). If you're a motivated person, who wants to change things, this probably isn't the place for you, since there is a lot of resistance to change.