Pros

Good company name on your resume, recruiters will try to snatch you up if you start looking for another job outside the company.
Engineers know their stuff well
Lots of perks (CAP awards for a project well done, good onsite cafeteria, gym, etc)
Company has many business units covering many technology areas

Cons

sweat shop: expect 70+ hours of work regularly if you are an engineer.
high pressure: not only do you have to put in long hour, it is a high pressure environment. Every one is pressuring everyone else to get the work done, leading to a very nasty environment and teamwork suffers a lot. People just do not have time to help others unless it is something that is "visible" by their management.
Company frugality policy means you do not have the resources (equipment) to actually do the work expected of you. People spend a lot of wasted time fighting over equipment and making do with prototype that do not work.

Advice to Senior Management

A sense of ownership does not come from stock options, it comes from people having more control over their work. Give your employees more control over their work.