Pros
It's probably a good place for people for whom work/life balance, benefits and such are more important than career growth opportunities and/or innovation.
Cons
ultra-conservative & risk-adverse when it comes to new ideas and methodologies. Management does not seem to know what to do with the staff members who are trying to push the technological envelope--those who keep up with the latest advances and try to incorporate them into the projects they are working on. There actually seems to be a fear of creativity. Employees who go along with the *program* and either don't think outside the box or else suppress their novel ideas and approaches are the ones who are rewarded. Those who try to do things differently will be beaten down, or at least ignored. This may be dependent upon the group you work in and the projects you work on in a group. However, many staff members I know have expressed similar concerns/dis-satisfactions.