Pros
Flexible hours, 9/80 work weeks, Never gave trouble with taking vacation days, facilities are well taken care of, decent Job security -- they'll find new work for you or move you around when projects end others begin. If you know what you are doing, you'll be protected pretty well. Great benefits (health, dental, vision). Some projects have coffee and snacks. Friendly people, overall a great company to work for, all things considered. Would recommend working for this company.
Cons
Typical government contractor -- they care a way too much about metrics (lines of code, defect counts, etc) to the point where it actually slows down developers. Some people are really set in their ways, and some projects are extremely fearful of change and using new products/tools. When they do lay off, they tend to lay off developers before managers, so some projects end up being top heavy with more managers than developers sometimes. Managers give the impression that they care more about schedule than quality, or following industry best practices. Compensation seems low compared to commercial sector.