Pros
Great, dedicated, hard-working employees. Most that I've worked with are talented people doing there best to put out great work. The managers I've been under have been caring compassionate supervisors that looked out for the interests of their direct reports.
Cons
R&D and innovation are suffering. There's no appetite for riskier technologies or products. Sustaining engineering, six sigma and lean manufacturing are taking the place of innovation, creativity and discovery. Bureaucracy is becoming a huge problem. Automation of common tasks is forcing a one-size-fits-all environment that suits almost no one and makes it frustratingly hard to get tasks completed. The culture promotes too many pointless/innefficient meetings. There isn't a long term vision outlined that employees have a clear way to support, people are left wondering "how do I fit in" and "where are we going"?