Pros
Its a great place to work... if one is looking to retire here. When one reaches a certain age group, lots of good retirement benefits are available. If one find the right group to hide under, even without completing any projects, it is possible to last forever here. The system is also heavily protective of poor performers.
Cons
There are no innovative products being developed here anymore. Everything comes out of Japan, and every little piece of information is treated like a secret, even to the US employees. The company is heavily age biased. The older one gets, the better one is treated and more likely to get the promotion. The only way to get a promotion is to petition (or complain and whine). The performance raise system is heavily skewed towards bad performers. The good performers are actually penalized in certain cases. The HR does not let one know the reason unless you press them. Marketing team doesn't understand the requirements and are forever pointing fingers at engineering.