Pros
If you're lucky, you'll find yourself working with some great people. In a company of 10,000+ employees (and a few thousand contractors), you're bound to find some friendly, smart, and like-minded people. And if you're really lucky, you'll find yourself working for a great manager - something that's actually rare. The benefits (including 401k, pension, and pay), true to the reputation, are good. They're not GREAT, like they'd want you to believe, but they're solid. The most important thing about working at SCE, though, is that you'll learn to appreciate working at a good company when you find one, a place that has a healthy work environment, embraces positive leadership philosophy, and values its engaged and motivated workforce.
Cons
The company's structure and philosophies are outdated, but like any large company, change happens slowly. The struggle is that the leaders at the top are blind to the weaknesses in their failing leadership and while multiple grassroots movements are trying to save the company, they remain unrecognized and unsupported. Because the current system benefits the leadership, important changes fail to be made because it would mean a loss of their privileges. The biggest day-to-day challenge of working at SCE, however, is the company's culture of mediocrity and lack of accountability. Keeping your head down and not making waves is a sure way to keep your job. Worse, instead of letting go of employees who fail to perform, these employees manage to stick around and, if things are bad enough, are just moved elsewhere in the company.