Pros
Competitive salary, excellent benefits. Ability to be involved in many different types of projects and learn a variety of technologies. At the engineering level, ability to work with great people who want to work together to get the job done.
Cons
For all the talk about work/life balance, it's definitely more work than life. The longer you are there, the more you feel like there is a "target" on your back for termination. The company seems to be moving back towards more outsourcing. Opportunities for growth and advancement are there, provided you are extremely vocal about wanting them and willing to "push" yourself into those areas. For example, if you want to be involved in a project that offers new technology, but may not be assigned to it, you need to find ways on your own to participate and help with the project un-officially, hoping you'll be noticed. Also, there are too many meetings and too many org changes which do not provide any stability.