Pros
Great benefits package, good salaries (good, not great), profit sharing, yearly bonuses, flexible work time, stock matching, 401K package has lots of investment options, parking garage is free & plentiful, corporate culture is relatively easy to understand, 3 weeks initial PTO - goes to 4 weeks after 5 years with the company, & 5 weeks after 15 years.
Cons
Promotions are at a complete standstill in certain areas & departments, geographical splits of departments means favoritism of home offices, inability to predict future work beyond six month window leads to large work shortages, fears of layoffs, targeted firings, targeted layoffs, good old boy network of senior program managers, sexist behavior towards women managers & leadership, cronyism is evident amongst departments, hero-shithead rollercoaster means you never know how your year is going to turn out, performance reviews focus on wrong objectives, section heads/line management pay too much attention to program managers & not engineers, security clearances take forever to get, secret, top secret, etc., line management hold grudges & engage in multi-year vendettas during annual performance reviews, rankings, & salary raises.