Pros
Because developing commercial aircraft is the only thing you want to do in life. And you absolutely want to work in Europe, nowhere else. Then Airbus is certainly your best bet. Indeed, there aren't many other bets.
Cons
If you are an engineer, you will most suffer low morale. This may seem odd in an industry built on the back of engineering creativity. Indeed, you will hear Airbus senior management and recruiters bemoan the fact that they can't recruit enough suitable engineers. But the reality is, They want mediocre engineers, prepared to produce mediocre work, and satisfied with mediocre reward. They will SAY they highly value engineers. But their actions bely their words. There are bright spots. Some local departments are very well led and managed. But even excellent managers cannot protect you from the stifling bureaucracy. A few people do seem to thrive in the environment, and have meteoric career paths. But they are not the norm.