Pros
The co-workers. People are on the same page, most everyone is enjoyable and works hard; friendly people. Healthcare benefits are actually pretty decent.
Cons
Management is very egotistical. They refuse to see anything differently and usually do nothing with improvement ideas. Sometimes ideas are received as the insinuation that they aren't doing their jobs (which is true, but BECAUSE they accept no ideas and make no changes). Things go relatively unchanged over time despite the company's death spiral. Any changes that do occur usually have more negative side effects than good ones. Turnover is high. No raises. Increasingly antiquated products. Deteriorating machinery and operations. Poor customer service from management's stand point. Really no vision to speak of. You'll get a pat on the bat for performance but ultimately it's empty and without any matching action. Morale is terribly low.