Pros

There are incredible opportunities for training and further education.
Great work-life balance with lots of vacation time
Job satisfaction and a good mission
Easily work a diverse set of projects in one employer for an entire career

Cons

The compensation (ie salary) is not competitive with the defense contractors
There tend to be some 'unengaged' employees that are just showing up every-day until they retire in a few years (say 5 to 10).
Much of the technical/hands-on work is actually performed by contractors
Many of the most talented folks tend to work for the contractors, so there are fewer mentors
Some tendency for micro-management
Lots of bureaucracy

Advice to Senior Management

Make the compensation comparable to the private sector and give enough latitude to grow your employees skills through practice, not just training.