Pros
Smart People with different back grounds make environment interesting, competitive pay and benefits, chance to dress up resume. Some stability in that it is a private company not pressured by Wall Street's expectations. A lot of turnover provides a chance for advancement but don't count on having a concrete shot at that empty position above you - they'll keep it empty if you aren't 105% qualified - there is no "grow" into a position. You do get exposure to formal processes that you may not have had to opportunity (good or bad) to see in a smaller company. Everyone knows Rain Bird name - so future employment may lead to better opportunities.
Cons
everything is a secret, getting the process right is more important than the results of the process, sometimes the work pace seems a bit hectic and unnecessary...alot of "hurry up and get a minor detail completed at the expense of creating true value...." Forget about being promoted into an empty position above you if you aren't able to take over that position's supervisor's job - there is no "..let's promote him and help him grow into the position.." Some positions are vacant for years - putting alot of pressure on those above and below the space in the org. chart... ..........oh yeah..they won't release an Org. Chart.......................