Pros
Doing a public good and helping to manage a very complex and important backbone piece of society that we all use every day - the power grid. Nice solid people who want to do good work in general. Sure there are some long term Feds who are just lingering and cutting a paycheck while not doing much. But every one of them I found two full Fed employees who were working hard and really cared. If you are a veteran and thus can actually get considered for Fed employment I highly recommend it.
Cons
Contractors beware if you are not a Veteran! Due to recent HR issues, BPA is very focused on hiring from inside or following the veteran's preference rules in Fed hiring to a fault. A good contractor who is doing a great job, but who is not a veteran, who applies for a Fed position - even if it is the same work you've been doing already - will likely not even get the opportunity to interview. I have no prob with Vets getting some special treatment, but the current warren of rules make hiring a mess and very difficult and aren't even doing the vets any favors. Recently BPA relaxed rules about benefits Contract agencies must offer, as result the agency I was with planned to raise my health benefits costs 200% the next year. I had to run out of there. Even if you apply for another contract position the rules are maddening. You must NOT speak to the hiring manager, only your agency can do that, you can not go out of your way to network or find out more about the position or you put your current position in danger. It is a crazy way to do hiring and talent management. As a result contractors flee at a very high turn over rate and the constant churn (BPA must use a lot of contractors due to limits on Fed employment) causes delays, confusion and malaise.