Pros
The work life balance is good. The mission can be very rewarding. The work environment in some locations and in some sections can be very good. Management is not overly critical of performance - the positive aspect of low accountability.
Cons
Senior management tolerates an amazing amount of nepotism and cronyism, and ignores the completely toxic environment that this creates. Merit and effectiveness are ignored in decisions of promotion or pay increases. Low accountability for bad job performance, which leads to an unfair balance of underperforming employees doing very little and overburdened employees carrying the entire load. This all contributes to a terrible cycle of the loss of good employees, after they are exhausted, and the retention of flawed employees.