Pros
There are some good and dedicated people who work there who are interested in doing a good job. The core product is good and if you are a developer, there are lots of opportunities to work on something interesting. The company offers a decent work/life balance.
Cons
Lack of clear focus. The industry they are in is slowly dying, and attempts to move to another one have not been very successful. Most of the senior management have been there for too long (some have only worked at this company for their entire careers) and are not receptive to new ideas or new ways of doing business. As the industry changes, these retro-attitudes become more apparent. Also, the lack of focus on customer service (at times the attitude is almost hostile towards customers) is a major drawback and it affects business because it's hard to get a decent referral from constantly upset customers.