Pros
There are some very knowledgeable individuals around if you luck out and get the chance to work with them. The benefits package is pretty good and it is a paycheck which means something in this economy.
Cons
The organization is plagued with stagnation. There are no career paths and zero employee development programs. Consequently, patience of junior talent only lasts so long and they move on. This has led to most lower level management being there because they stuck it out rather than being promoted based on merit. Upper management is unapproachable and incredibly disconnected. I've literally gone several months at a time without any sort of meeting to plan or discuss anything. Promotions are non-existent. The pay is absolutely horrendous and raises are like an urban legend. You will be worked like a mule and never receive any feedback. There is too much animosity and the office culture is utterly terrible. The organization is very resistant to change and process improvement does not exist. The "big picture" solution is to keep poaching smaller companies rather than invest in the people or infrastructure.