Pros
Solid history and established company. Decent benefits. Very process-oriented management and management style. Continued eye toward growth internationally with opportunities for career growth if you look for it and are flexible. Company wide and practiced communication process is generally superior to many other companies out there.
Cons
Too much emphasis on "Managing" and not enough on "Leadership" from many of the top levels. Recent spin off of a major segment of the business increases swings in how well or how poorly the company does from year to year, creating feelings of insecurity in workforce. Recent layoffs don't help either. Typical "what's your budget for next year" followed by "cut your budget" mandates by second fiscal quarter.