Pros
Company loyalty including many benefits options, very few cubicles, on-site subsidized cafeteria and fitness center, and fairly low-stress. More of an academic environment than a corporate environment in some ways -- opportunities to share ideas and work on multiple projects and areas. Employee-owned 'old-school' perks like holiday parties and company picnic.
Cons
Very few standard procedures that are not implemented across the company, resulting in unfair practices in some areas, for example minimal pay increases depending on which group you're in so you can't move up. Top-heavy with associate directors and VPs, many of which no one knows what they do and many don't even come in to work, some are even "retired". It's nearly impossible in some groups to get demoted or let go so there's a lot of dead wood. There's a lot of nepotism and those people do not have to improve their skills, carry their weight, or in some cases even behave professionally. Very few holidays (6) and vacation days.