Pros
You work with very talented folks, albeit in the stranglehold of corporate bureaucracy. Overtime is a rarity, great for work life balance, less so if you were counting on that supplemental income. Lots of opportunities to explore other departments and areas of the pipeline, just don't expect it to help out your career. Job stability that borders on stagnation. You have to work pretty hard or screw up pretty bad to get fired from here.
Cons
Active effort on the part of management to suppress any innovation, advancement of the craft, and other hard to quantify budgetary "unknowns". If it's not faster/cheaper, or you can't prove it's faster/cheaper, or you can prove it but they don't get it, then don't bother. Leadership is basically a good-old boys/girls club. They systematically weed out anyone trying to push creative or technical boundaries and replace them with Company men/women that fall in line. Most people that stick around for the long term do it less out of genuine loyalty and feeling rewarded and more because they either have family in the area or have gotten used to a steady paycheck with pretty much minimal effort. Can't argue with a system that gives you steady employment and puts your kids through college, but every day feels like your selling yourself out just a little bit more.