Pros
They generally have good benefits. The medical, dental and insurance type benefits are average. The vacation time is below average as it takes so long to accrue more. However the pension plan is a very nice benefit.
Cons
The workalike balance is horrible! It is the worst I've seen and it keeps getting worse at least in IT. The theme is do more with less but even when you trim everything and run lean they expect even more. It is very difficult to get a promotion anymore. Several years ago the culture was so great. They generally recruited from within even if someone was not as qualified as an external candidate they would train and develop them. Now it is a lot of external hires and the reasoning in part is to change the culture. The senior leadership wants a churn and burn environment. They expect employees to be burnt out between 2-3 years and then on to the next poor soul. Employees used to start at the company after high school or college and work their way up the ranks and generally retire there. Now 5 years is a tremendous milestone. They treat you like a resource not a human. Also IT will be in a state of flux perhaps forever more. There are continual reorgs, teams are always on the brink of being outsourced to a managed service provider. If you get through 5 years at the company you will most likely have had 2-3 bosses minimum even if you are in the same role although your role will have shifted a lot and if you don't like it "there's the door".