Pros
Vacation is excellent. Early release on Fridays during summer. Easy work. Good work life balance for some. Pay is reasonable. Coworkers are probably the best thing here.
Cons
Old technology. Disinterested management. Inflexible process and management. No thought or time to plan for applications to meet future needs. Projects are treated like fires where the only thing that matters is the deadline, not the quality of work. Workers with high aspirations will be trampled until they no longer care. Quote from another employee, "This is where developers go to die". Forced social "rewards" where attendance is tracked. No telecommuting. Management plays favorites and the "bench process" for promotion encourages this. If your manager doesn't like you, you will not be able to get promoted or transferred to a different manager as both require your current manager's recommendation. The same thing applies if you are indispensable. More time spent in wasteful meetings, following meaningless process than working. The closer the deadline, the more time you spend in meetings. For some groups, progress meetings every 30 minutes are thing - during development. Get a good salary when you start here because the raises are poor ~ 1% per year.