Pros
Caterpillar was a respected company, if you find somebody who is unaware of how inept the corporation has become in the last decade they may still see that as a plus. The pay wasn't horrible, below what you could make doing other things. The cost of living in the areas CAT operates in are pretty good.
Cons
The areas that CAT operates in are horrible, Peoria Illinois is a dumpster fire, Griffin Georgia is another. List goes on and on. They are all one horse towns that do not have competitors so Caterpillar can lock you down without fear of losing you. It's a cyclic business, you will either be forced out of a job you like towards a job you don't when it comes time to shuffle people around. They don't see the big picture, shutting down research was an incredibly bone headed move that is going to back sting them in years to come. Also downsizing and trying to attract new talent is a problem, people talk and it's hard to convince new college grads to give them a try when the only things people hear about them are bad. Caterpillar will not offer you chances to improve yourself, what you hire in for is what they expect out of you, no career growth. Don't worry about going back for a part time degree, you won't need it at CAT. I watched many people leave to pursue academic pursuits because their boss didn't have their back. In times of crisis (Union strike), engineers, accountants etc (desk jobs) get pulled into the factory so Caterpillar continues to meet quota while they bully the unions. If you had hope of being a software developer, don't be surprised to find out you get to learn how to weld as well!