Pros
Challenging projects, intelligent co-workers, some are brilliant engineers. The opportunity for learning is there once you get accepted by the old school crowd and learn to navigate the maze of information resources. Salaries tend to be above average, 4 weeks of vacation at year 5.
Cons
Policies and procedures to the extreme for everything. Staff meetings are on employees own time. Promotions are few and far between, usually require working in a program for 10+ years, or a move to another department. Layers upon layers upon layers of management - WAY too mid-management heavy - too much dead wood in mid-management levels, some have no business managing anyone, while capable engineering leaders stagnate. Although salaries are above average, benefits are poor for a $24B revenue company; no sick time (PTO) which can be stressful, employees show up sneezing and coughing in the winter so they don't lose their PTO. Deductibles, co-insurance and monthly costs are high and keep rising - whatever you do, don't get sick. Customer comes first, stockholders second, employees third. Yes, you are just a number.