Pros
Stability and pretty good pay, plus interesting work. I think that I work with lots of interesting people who are smart and hard workers. The division that I work in does lots of interesting research projects which are sponsored by DARPA. This is exciting work which keeps me engaged. I like the management. They seem to be actively pushing the envelope when it comes to management. Expectations are clearly communicated and my yearly goals are usually in line with general performance excellence. I like that we hire lots of women ( where lots is a few ... but this is the engineering field).
Cons
Don't like current ethics trial. Its an embarassment. We do work a lot of hours from time to time. It would really help if I had a PhD. Sometimes a technical solution is dictated by management for marketing reasons. One problem is that if someone is not performing then its hard to fire them. The corporate parent is really afraid of turnover. They want you to give someone every chance to turn it around before pushing them out. I myself don't really believe in that so I see it as a drawback. Sometimes people are nitwits, but I think you see that in any job.