Pros
The benefits are great, especially for folks grandfathered into the pension plan. Management isn't horrible, and professional level employees are granted a great deal of respect and consideration. Senior management is often accessible, approachable, and down to earth. Employees at many levels of the organization often have the opportunity to build a rapport or working relationship with them, from what I have seen. In my experience, I have found that there are a lot of great people at every level of the organization.
Cons
The pay tends to be lower in equivalent job positions, and supervisors and managers often aren't empowered to compensate their staff as they feel may be warranted. Often I've seen people in job roles making far less than they would make in the same position at another company.