Pros
Work-life balance is good, and you can generally expect 40-hour weeks unless under special circumstances. Benefits package is comprehensive, which includes stock purchase plan discounts and retirement savings plan contribution matching, as well as impressive dental/paramedical/medical coverage. Recently, training has become more prevalent, though the training may or may not directly affect your career path depending on your job function. Depending on your area of interest, the work can be engaging, and seeing your work make it to market can be rewarding.
Cons
Career growth is "encouraged" but sparse; a stigma is attached to those who move horizontally. Recognition requires abnormal levels of sacrifice and even then is reserved for those already in the spotlight; the problem is compounded by a lack of observation and communication. For a non-military, non-government contract company, communication is particularly opaque and on a need-to-know basis; power and position are maintained through tight control of information in the name of non-disclosure. Collaboration and brainstorming sessions are rare, and the creativity of individual engineers is quashed under senior developers and managers who ultimately enforce their iron rule. Exploration and research with high potential to the company is irrelevant; deviation from the dictated path is generally frowned upon. In some circumstances, engineers in a 'team' work on individual projects with little to no collaboration since communication is seen as a hindrance. The work is repetitive; if you become an 'expert' at something, you'll be doing it for life, even if in different forms; without new challenges or training, your versatility and skills will start to wane. Base compensation is not competitive.