Have you seen Office Space? Read Dilbert Ever? Then you already know..
Pros
Flexible hours (work your 40 flexibly - depends on team. You get paid. Air conditioning, Lights. Free lanyard. Good turn around job for a college grad - everyone who doesn't work here will be impressed that you work in such a 'prestigious' company.
Cons
Oh I couldn't possibly fit all the cons in here. Its a big business. No one cares about you or your ideas. Forget that thought that anything you learned in a degree program will matter to your job. A high school dropout with a few months of training could do your job, There is little to no engineering ever involved. Only when you need to engineer a way to do your actual job without using their broken tools and ancient processes. You will work hard but there will be some excuse why you dont get compensated for it. In fact chances are good you will either get furloughed or laid off. If you dont, you will see good people go and awful rectal-smoochers stay. The company wastes money on silly things like signs and propaganda and is constantly telling employees they are in "bad/tough times". Meanwhile executives get multi-million dollar bonuses even in the tough times. They don't even have the decency to accept this openly they will still insult you by pretending they are sacrificing as much as the little guy. This place slowly sucks your joy like a dementor. Other than that, it's probably pretty typical for an engineering company. Oh and forget any growth opportunity. There is none. When someone retires or leaves, they just have others pick up their work with no compensation or promotion.