Pros
Good position in industry, good products, good pay for young engineers, a few good older engineers willing to mentor if you can find them. Decent for young accountants, too. Decent compensation and benefits. Low workload. (Pro from a personal perspective - not good for the firm.) Decent facilities at main HQ. Decent location if you want to live in the 'burbs.
Cons
Lots of nepotism and cronyism - leaders are promoted based on tenure and personal politics and not on business acumen, mission focus, or leadership ability. Too many average engineers promoted into non-engineering and/or management roles. Far too rare to see executives fired or demoted for below-average performance. This HR strategy and culture means too many incompetent people wind up with power inside the firm and drives away too many promising leaders.