Pros
Good work/life balance and respect of your time. Good vacation policy for salaried employees, but this could depend on your management. Communication from mgmt is good, but all one way.
Cons
The IT group is about 5 years behind industry. Many enterprises are using Agile methodologies, but we are waterfall. Very strict offshoring policies and the resulting slowness, rework, poor quality, etc. associated with that. Again, many enterprises are backing off of this either completely or in a subjective manner. With the economy, you can find local IT talent close to offshore costs. IT Senior Management is all about the numbers and doesn't care about quality or delivering value to the business. It's just vendor management and large contracts so all that labor cost for the P&L gets moved up as deductible/amortizable as a "service". Absolutely no empowerment for employees in IT, everything is strictly defined for you, no need to think at all.