Pros
Numerous, see reviews of others for this subject... Really deserves at least 4 stars, if not 5... Great work-life balance, compensation package much higher then average, etc, etc.
Cons
High chance, that fresh (less then 3-4 years) employee might be upruptly fired without even announced layoff. Good review result is not considered. It occurs if you came as experienced developer and hadn't manage to gain personal attitude and high record of achievements during beginning years in the company. I mean, not colleagues/techical assessment, but from senior managers point of view only. Note, even very successful record might be nullified, if you don't please some dumb Architect or any "important veteran personality" having influence upon senior mgmt. Take care not to be lured, especially on eve of recession... Note, it is niche company, using outdated SW technologies so it worsens the danger...