Pros
Good pay and benefits, job security. Lots of room for growth. Flexible and remote schedules available for many positions. Overtime opportunities abound. There are layoffs sometimes but employees can use paid leave if they have it, or in the case of govt shutdowns are almost always paid retroactively.
Cons
Knowledge, experience or loyalty do not have as much loyalty as they used to. In my case, they created higher paying jobs without telling the employees of the unit they were in and hired from the outside. Then expected the employees to train the new people who were making more than them. The resume system allows people who use the right key words to be hired into jobs they do not have the skills for. Training for existing employees moving into new job areas is often poor. Bonuses have shrunk to be almost insignificant unless you're in management.