Pros
Very good benefits, and one of the few companies still providing annual bonus and 401k contribution. PTO is generous as long as you work twice as hard before and after taking PTO in order to stay current on deadlines, and other responsibilities. They provide a truely contemporary work environment with flexible start times, along with occasional or full remote work opportunities. Most locations do not have a strict old business dress code. Prepare for and accept a 50+ hr work week.
Cons
Never criticize a program while it is 'in favor', or you will be ostracized for daring to go against the tide. If you keep your head down and wait it out, someone in the upper echelon will start a movement to change the program and that person will be celebrated as a champion of change. The current culture is to limit new hires to recent graduates from select universities. The creators of this 'program' apparently did not consider that had their 'program' been in effect over the last 20 years or so, none of them would have been here to create it. Is it advantageous for any corporation to bring to the table, employees whose only experience is with the same company? Bravo!