Pros
If you're an engineer of some sort, your work can be really interesting and important. If you're not an engineer, it's much harder to find positions that offer any kind of new/exciting work. As most people have said, it's a decent place to build experience if you have no better options; just don't expect to really build anything lasting.
Cons
A select few executives are really making an effort to bring NG into the 21st century, but they are being constantly battled by an entrenched core of management who do everything they can to stymie any progress. These mediocre managers are good at playing the bureaucracy and political games, so they don't want to see meritocracy take hold. The company claims to want the best and brightest (to compete with the likes of Google and Apple), but they aren't willing to invest the resources to compete (salaries, bonuses, perks, etc). It's tough on morale because you hear all these awesome goals for the company, but then you watch each initiative slowly starve from lack of funding, lack of progress and lack of follow-through.