Pros

Compensation package great if you know how to negotiate for what you want
Well run internal systems (HR, payroll, expenses, travel etc.)
Freedom to outperform/overwork and be recognized for it (though recognition bonuses are relatively puny for the amount of work involved in going above and beyond)
Interesting acquisitions regularly open up new opportunities

Cons

Heavy meeting-based culture, tough to find time to do actual work
Many, many horribly ineffective coworkers riding the coattails of the able
Very cheap when it comes to technology resources (crappy workstations, laptops, lab servers); nearly impossible to purchase equipment for a new project
MBOs can be a lot of work (or almost none) depending on manager's philosophy, and constitute a significant percentage of your quoted 'salary'.
Stock options are few and far between until you climb near the very top of your dev track

Advice to Senior Management

Give techies more access to the latest gear, don't be so cheap with resources for engineers.
Increase generosity for top performers (stock options and grants and decent bonuses).