Pros
Great benefits and a stable workforce with rare job reductions.
Cons
It is very similar to government work where no will take a chance and management is scared to take chances because they are worried about protecting their own position. The company talks alot about 'pay for performance' but that is not appear to be true in the part of the organization I work in. You know you will get your 3 - 4% raise no matter what you do. As an example, we had an employee who would reguarily sleep at their desk and meetings. However, he stuck around for close to 9 years and got the same raise and bonus as did everyone else except for maybe a 1/2% less on annual merit. I know this for a fact because he reported to me for close to 2 years and both my management and HR made it impossible to fire him, eventually left on his own.