Pros
Not a whole lot of pros. If you have a family, the insurance is expensive. If you don't have a family, the insurance is expensive. You think the hiring salary sounds great? Well be prepared to lose some of it to the pension. Which you probably won't get because it's not a feasible business practice. Management is in place because they have been there the longest. Not that they know the most. If you keep your head down and stay busy, you'll be fine. Although you'll probably be switching responsibilities every 6 months because they seem to rotate employees all the time. And if you keep your head down you won't get laid off! So congrats on surviving!
Cons
Most of them I shared in the Pros section. Be prepared to not be able to move up in the company if you are in IT. They'll give you more responsibilities, and maybe a title change, but no pay raise or bonus increase. And the CEO's new mantra for IT is "Do more with less". Yeah. It's gonna be fun. I can't wait for more layoffs in another year or two.