Pros
Some good benefits - discounted product, lots of PTO once you've put in a few years, ESPP and profit share/match are great. Great child care centers. Flexible work hours and telecommuting available. Lots of lip service to work/life balance - in the right group you may even experience it (I do). Casual atmosphere and culture.
Cons
Big company with lots of office politics and excessive meetings. Seems like you have to be an athletic white male to have a good chance of promotion to upper management (not a lot of women and minorities up there). Communication is talked about a lot, but not followed through well (Case in point - tons of construction on campus right now, and close to zero communication to employees on the plans. Everything we know about the construction plans has come from external newspapers. Hopefully we'll get some info before the buildings are open, but I won't hold my breath.) Annual ("merit") salary increases barely keep up with inflation (for most of us, anyway... EVP's and above seem to be making out ok).