Pros
There is a lot to be said for working for an industry leader. Ferguson is just that. We're talking white collar money in a blue collar industry. The relationships you develop with (some of) your customers and co-workers are priceless. They give the girl who graduated from community college or the guy who spent more time bonging beer than he did studying the opportunity to work his way up to a very respectable position in a very established company. They promote almost exclusively from within and have a history of a work hard, play hard culture.
Cons
Ferguson used to be very good at dangling the carrot in front of you. You'd get your raise in May, be pissed off at that for a while, realize that bonus was only 5 months away, and figure 'what the hell,' I can put up with the long hours until October. It would be stupid not to wait for that excellent bonus coming up, right?!? October rolls around, and there's always a reason why the bonus isn't what it should have been. You never really ever get to eat the carrot, but at least they did a lot to keep morale high, keep things fun, etc. Over the past couple of years, with the economy the way it has been (especially in the construction industry), Ferguson has done what was necessary as part of a publicly traded company to increase sales and keep expenses low. Some of the strategies they employed were obviously sound business practices; others just sucked the life out of the culture and what used to make Ferguson a bareable place to work. Work hard, then get plenty of sleep, because one of your employees will be laid off tomorrow and you'll be working even harder. If you want to be able to advance slowly over a 25 year career, Ferguson is the place for you, but for those with above average intelligence and above average business skills, your hard work will be more greatly compensated with another company.