Pros
In my department at least, the work was varied, sometimes even cutting edge.
Cons
Staff are underpaid around 20 to 30% below the market value of their work. This in turn leads to needless churn of staff with irreplaceable experience. So when one leaves to join a real company, they inevitably recruit their colleagues, so I saw specialist teams gutted of 75% of their staff in a six week span. HR in particular openly abuses the staff. They lied, ignored complaints, forced pay cuts on staff and denied staff their benefits by simply ignoring requests. I personally managed about 15% of all traffic on the planet, and was paid less than a municipal bus driver. Other delights I experienced included a corrupt and incompetent senior manager actively sabotaging my department, and putting $100m in annual revenue at risk, just so he could ingratiate himself with his new manager.