Pros

Stability. Nice/decent people. Engineering that gets the job done, more or less. A comfortable work environment. Low stress levels, flexible scheduling, good benefits. Products that make the world a better place. A strong business position at the company level.

Cons

Slow career growth. Weak correlation between performance and compensation. Amateurish/untrained software skills are common. Highly variable competence in middle management. A good number of folks have positions of responsibility because of seniority rather than merit. Engineering that is often ugly and uninspired (Boot up Matlab. Enough said.).

Advice to Senior Management

Make compensation more meritocratic. Middle management needs more accountability and oversight. Aesthetics matter (eg: Mac products. Like them or hate them, they sell.). Hire more people with formal software training. Recruit higher quality talent; you will have to pay them more. Invest more on internal infrastructure and libraries.