Pros
Some of the best people I've ever worked with. Decent benefits. Advancement opportunities available, depending on what sort of background you have.
Cons
Senior and mid level management - scrimp a dollar but waste a thousand. Management does a less than adequate job of motivating people - it's more through trying to intimidate and "make uncomfortable" than reward. It is difficult to go above and beyond the call of duty when almost everything one does is so needlessly scrutinized, it puts their job in jeopardy. "No good deed goes unpunished" and "the floggings will continue until employee morale improves" appear to be the guidelines for motivation of employees. They give very little regard to the vast experience available of those that are not engineers.