Pros
The company offers great medical and educational (tuition reimbursement) benefits. Despite occasional layoffs, jobs are relatively secure. Engineers get paid OT (base rate + $6.50 -- better than nothing). Good leadership and career development opportunities (if you can get into them). About market level pay -- you won't get rich, but you won't starve.
Cons
It's a corporate behemoth, and a 100 year old company. It's stuck in the past with regards to some benefits such as parental leave and virtual work. Layers upon layers upon layers of management mean that your level of impact is relatively small and there is little room for personal innovation. With a company this large, unless you have an executive mentor or someone important who notices you, advancement is extremely slow. A lot of terrible first line managers who have no people skills. The company culture is kind of toxic in many jobs - there are a good amount of people who don't seem to care to excel and get by doing the minimum.