Pros
Stable job, don't have to worry about lay-offs. Wide variety of technologies available to work on. Plenty of opportunities to become a domain expert and "own" an area - making you valuable to the organization.
Cons
Employees are always kept overworked. Constant stream of customer escalations - means all other work must be dropped. This prevents improving the products and process. Star employees are taken advantage of and expected to constantly perform miracles. Still using old technologies for infrastructure. There is resistance to implement better processes and tools (like CI). Coupled with escalations, it seems like improvements are never made. Management changes too frequently, some being forced to quit. Teams are shuffled around too much and there's no consistency across teams. Hiring and budget freeze for the past couple of years. Higher management from Islandia and corporate IT (GIS) is a joke. They want to control everything, but have no idea how to run an Agile production environment. They interfere with daily work and can't be changed.