Pros
They are relatively flexible if you need time off for an appointment or to work from home for a day. The pay is reasonable and the office is relatively nice. Having a walking trail and small gym are nice perks. Vacation time scales upwards with time on job.
Cons
Often treated poorly by management. Completely unrealistic goals set by management by statements such as "Size this project, the project is due on X date" - before the sizing was ever done. Employees are intentionally kept in the dark about how projects and applications work together. Fear of lay offs. Long hours with no compensation while being asked for hourly updates. Poor communication and conflicting interests between FOBs. Environment is becoming less diverse over time, particularly in management. People are shared between many projects at once, often your allotment is well over 100%. System of promoting employees bottlenecks relatively low and if your manager prefers it to be so, you will never get promoted or be able to move to a different manager.