Pros
Very flexible schedule, great training, "face time" with top execs from Fortune 500 companies, tons of opportunity (if you are VERY patient), smart and hard working co-workers, work is meaningful and impactful, AWESOME PAY!
Cons
Very slow to adapt to what occurring in industry, does not embrace technology, merits are based on seniority (# of years of service), public hates you, very specific area and do not get a broad experience of accounting (if a new grad that's never worked anywhere else), slow advancement and/or the opportunities that would prep you to advance, some jaded co-workers, you are at the beck and call of the taxpayer and politicians, after a while the pay isn't comparable to working in industry for the same amount of time.