Pros
Good company history. Pay average though very slow growth. Follow the laws. Smart engineering people. People in application team or system team get good visibility.
Cons
Very political, same as some other people said, no management, only co-ordinates. Brilliant people without strong connections try to hide their talent to avoid being targets. Almost no regular career path for average engineers. Poor project management but no one pays for it. The who generate more bugs get more credit as the bug list shows they are busy, sometimes in order to show they are working they even delay the fixes. The team worked well only in down-turn as bushitting was not allowed. In up-turn, the managers hire more than enough but without much team performance improvement. A lot of email and meeting tricks. Some people grab other people's rights of speaking. Arbitrary performance review depending on only the relationship to the manager. No peer review, fake upstream review, and useless company wide chat board as people dare not to speak the truth. Most managers are good at creating PPT, translating the words, information control(avoiding engineers to know essential information), and getting credits. Cheap patent awards. Creative ideas not encouraged if without manager's involvement. Bad IT support. Many times after the IT team install something, your PC gets extremely slow.