Pros
Work load is comfortable, when not working on a big capital project. Management is very accommodating when it comes to schedules and flex time. One day per week telecommuting is the normal, but like I said they are accommodating. Benefits are solid, the 401k is one of the best I've ever seen. 4.5% match up to 6%, on top of that they just give you 3%. Depending on what group you are in, the work can be interesting with group to move into other tools / products / areas of expertise. Also, the people are generally a good group to work with.
Cons
Coverage has been an issue since layoffs in 2009. We still have not returned to those staffing levels, this leaves some positions that lack coverage, so it is hard to take long spans of PTO. Also on that note, many management positions were cut as well. While this leads to a high degree of autonomy if you like that, it also leaves few positions for ambitious and talented employees to grow into.