Pros
Good 401K. You can potentially work with some really smart people if you're lucky. It's a great crash course learning environment for young engineers. Company is great to work for if you're a metallurgist or on the business side of things.
Cons
People strongly opposed to innovation/changes. Expect to be called in the middle of the night or get called in on weekends. Action item oriented - the thought is by keeping busy you're accomplishing something. A lot of blame and no one taking responsibility for anything. People losing jobs or quitting and no one filling their position. Lot's of expressed dissatisfaction nothing done to address it. No team efforts. Very few projects or changes to lead without experiencing extreme opposition. No recognition for achievements. Procedures on procedures on procedures. A lot of older guys about to retire a lot of younger guys on the verge of quitting. No progression. There seems to be a long course of nepotism. People promoted who don't do anything. Lack of interaction from management. A clear distinction in work environment between management/business (mahogany desks private parking) and engineers who sit in dirty windowless rooms.