Pros
Challenging work, lots of flex-time if not fighting fires. Can easily coast if wanted to as hard work is not appreciated. Newer hires will pick up slack. Longevity and job stability - typically 20+ years is common employment length. As long as you do your time (>10 years), promotions will come, as talent is not a factor.
Cons
Covered in red-tape, old boys club. Always thinking of the present only and not the future. Upper management completely disconnected from the reality of the day to day. Engineering talent consumed with powerpoint engineering instead of provided with real resources to make a difference. No chance to grow or advance your career as the positions are held by many folks that just coast. Mid level management perpetuates the problems by spinning the story when issues arise to CYA.