Pros
I have found the upper middle management within my business unit and sector to be pretty fantastic. They are smart, capable, and excellent managers who generally look out for their people. It's too bad none of these fantastic leaders run the company. There is a relatively good work/life balance culture within the company, which I believe is due in part to the company's demographics skewing towards the older end of the spectrum and many of these mid to late career workers value time with family and away from the office more than work for works sake. The downside of this is that it is very expensive to insure the companies employees, so the medical benefits are expensive and not all that great.
Cons
Very, very, very bureaucratic. The bureaucracy, layers of approval, and copious amounts of process make even the most menial of internal tasks--such as reimbursements--frustrating and more difficult tasks--such as proposals and contract management-- infuriating. Don't even try bucking the system, as it is thoroughly resistant to bucking. While I am sure that there are some excellent leaders in the company's upper echelons, the overall direction of the company has been pretty feckless over the last year. Take as examples losing the recompete of the company's largest contract and a single day, 35% drop in the companies stock price tied to a botched acquisition.