Pros
Many highly competent, highly experienced technical staff across a wide range of disciplines to use as resources -- especially valuable for someone fresh out of school, and for project managers staffing projects. Good benefits (formerly) and work flexibility. Interesting, challenging projects. Good autonomy (formerly) to pursue projects interesting to you. It's a great place to "be from" because it's reputation is not yet seriously declining outside of the organization.
Cons
Increasing management focus on short-term financial results. Excessive layers of management (someone in my former position would have FIVE layers of management between them and the CEO.) This in turn leads to high overhead burdens and makes selling projects more difficult because proposed costs to clients are too expensive. Inadequate capital equipment funds leading to aging, obsolete laboratory equipment. Declining benefits -- reduced pensions, reduced 401(K) contributions, reduced sick time, one week vacation taken away from staff with 25+ years.