Pros
No short amount of work, casual environment, decent pay and benefits, some managers good, others lousy. Bust your tail and you'll probably do well. You'll also likely burn out at some point, then hopefully you have the skillset to jump around (they seem to encourage). Grow your network and you could be employed for a long time. Good place for interns to jump in (if you can get in), Siemens tends not to hire, it's easier to squeeze those left, so in a way that's job security, and another - you just work.
Cons
Always be busy or someone will paint a target on your back, especially if you make too much and headcount needs to decrease (it never increases). Don't believe the hype about life balance, those that chase it are eventually shown the door to pursue it full time. Long hours, decision-making lacking, occasional layoffs and frequently overworked. Conflicted German "leadership" is often a major source of the problem. Delusional delivery dates and pressures that you have no control over, so know that stress is always present and in unhealthy amounts. Too many people with no capability or power to act. IT support and security is insanely restrictive, often detrimental to the business. Too much indecision. Not much infrastructure spending, train on your own time. Often competing to not get outsourced. Office perks - umm free coffee and toilet paper!