Pros
You get a good discount on the guns so if you enjoy firearms it's nice. The pay is above average which is by design to outweigh the long list of cons. A lot of the low level teams are filled with great people. It sounds cool to outsiders when you say you work at Smith & Wesson. You will be challenged constantly to do more with less, to focus on meeting goals that are nearly impossible and this will make you a better worker. It will also make you entirely drained at the end of the day.
Cons
Leadership is either non existent or clueless depending on work area. The company continues to make changes that severely hurt morale. There is no room for advancement in the company through hard work, anyone who tells you otherwise is lying. If you're the son of one of the higher ups the last sentence does not apply, you can get a job that is several leagues above you as a 'trial'. Constant favoritism towards the front office, you're encouraged to not accept gifts unless your title has 2 or 3 fancy letters in it in which case the sky is the limit. The company only values the stock price and that is all you will hear about regardless of what department you work in. You will be brow beaten and berated to do everything in your power to meet financial goals to make the stock price go higher. Your reward for hard work will be a standard cost of living raise and a short reprieve before the next quarter / fiscal end. Office culture is a lot of ineffective middle managers and a lot of frustrated workers beneath them. Almost everyone has a very dire view of the company as a whole, from the ever changing internal politics to the business decisions to the products being released that no one asked for. A lot of the blind leading the blind. Truly a dire place. Slow adoption of new technology. Everything is done manual because the current 'new' system isn't flexible. Not surprising that a company run by old white men who barely know how to use a cell phone would be so clueless about adopting technology that could dig them out of the informational holes they're in.