Pros
Good work life balance. You'll never be looked at twice for taking PTO, working from home (within reason), or staying home when you're under the weather. If you're lucky, you'll work with some great people.
Cons
As top talent has increasingly fled, the incompetent engineers have more of a say and presence. And there are a lot of them. Way to many managers and directors compared to ICs. Many of them are more interested in building their 'empires' then the technology or their staff. Outdated technology. The work isn't that interesting, it takes forever to get anything done, and we're constantly swimming around our own technical debt which we never invest time in fixing. Cronyism, politics, and back room conversations run rampant.