Pros
Benefits package is comparable and in many cases better than their direct competitors. Career advancement is possible if you can move and you are on the "list." Bechtel has a diverse portfolio and is very risk adverse, which is good if you are looking for a conservative company to work for with lots of possible opportunities.
Cons
Bechtel is an old conservative, large and complex company, so experiences can vary greatly across the organization. Bechtel's work load is diverse and lumpy, so the stability of your career is based on your ability to move around or a willingness to sit at the house before the next project gets started. When Bechtel cuts and runs, they really do cut and run, doesn't matter what they may have told you at your appraisal review or in the staff meeting, if you aren't high up enough on the reduction in force list, which you might not know, you will get cut. Based on what I know, if you are looking to work at Bechtel and you need an environment that is nuturing and supportive, don't work in the OG&C division, the current managers are myopic, disconnected and driven by financial results only, as most of them are the shareholders or receive financial incentives for performance which is usually geared towards making more money (aka greedy). This can even get out into the field in, although the field assignments tend to be better as the managers are in it with the workers and working to a single goal of building a plant or facility. The functional managers are hit or miss, some of them are great leaders, some of them are just horrible, I mean they make you want to just not get out of bed in the morning. Just watch your back, don't believe the hype, get it in writing. If you are a Generation Xer looking for career advancement, this isn't the place for you unless you are ok with waiting a while to advance your career as the baby boomers aren't going anywhere until their retirement accounts recover from recent poor performance.