Pros
People care about doing things the right way, and there is a strong safety culture. If you are curious, you will be able to seek out interesting problems to solve and there is a lot of room to make your mark by suggesting new and improved ways of doing things. For anyone with a lot of skills and utility to the company, it's unlikely any reduction in force will excise them.
Cons
From most important to least: For top talent, wages aren't competitive. The IT organization seems hellbent on destroying all engineering productivity by pointlessly crippling our PCs and preventing us from obtaining the tools that would make our jobs easier and more efficient. Employees can be cynical and resistant to change mainly because upper management keeps mandating senseless ideas that make us less productive. Knowledge is sometimes tribal and diffused. Middle and upper management seems run by people who have neither technical capability nor any sense of how their idealistic policies are crippling the people doing actual work.