All the negatives of a small company combined with all the downsides of a large company.
Pros
The people are nice, atmosphere is fairly laid back, and there's lots of opportunity to do different things and move between programs. It's fairly easy to stand out if you're smart and willing to advocate for yourself.
Cons
Management is adamant about no option for 9/80 workweeks. Management frequently makes decisions despite the objections from engineering, then blames the engineers when things don't work out. Arbitrary deadlines often drive bad design compromises. Processes are followed in name only. If you work on IRAD projects it's not uncommon to find yourself having to go begging for filler work because your main charge number shut down for weeks or even months. Attrition is high, and a lot of the new hires are recent grads willing to settle for very low salaries.