Pros
Great Benefits - 10% 401K match, affordable health insurance, lots of additional perks and benefits. The whole company shuts down from Christmas to New Years, so you get 5 extra paid days off during holidays. Salaries employees are paid for extra for working overtime.
Cons
Very bureaucratic. Software has three vertical lines of management (Software Managers, Chief Engineers, and Project Management) which each has 4-5 levels, This means there's 12-15 different all-hands meetings every quarter, where different and sometimes conflicting information is presented. Lot's of red tape to get anything done. There's so many sources of information in various locations on shared drives and intranet. Much of it is outdated, but some of it is kept up to date. There's no real way to distinguish what the current policies or best practices are, as even management doesn't know where the latest information is coming from. Very little opportunity for growth and development. Positions end up being very specialized due to the size of the organization. You can easily wind up doing the same exact job for a decade.