Pros
Good work/life balance, decent pay (though you might have to fight for it), good benefits/vacation. Very flexible regarding work schedule. From the perspective of an employee in Product Development: You will get to work on an amazingly large and complex app without being boxed into one tiny role. While this has its ups and downs, it will teach you things few other companies can.
Cons
Long development cycles + waterfall model + complex codebase + unplanned support work = prepare to fall behind. When you do, prepare for more people bugging you for progress reports than actually helping to resolve the issue. There is little interest in working on anything not immediately and directly sellable to a customer. They are not "pro-training"; expect to do most learning and skill development on your own time.