Pros
There's no lack of job security. Do your job right and you'll have a place until retirement. It's just a question of if you want to be here that long.
Cons
Upward mobility is only available if you start at the bottom. If you start anywhere near the middle, you're out of luck. Promotion through sister divisions is only available out of state and if you start off in CA, you don't want to end up in the midwest. The so-called "merit" increases is distributed from a pool that is always miraculously 3.1% or the same as the CPI. Any raises beyond this adjustment in inflation is only available through a promotion. Middle managers will get more and more responsibility as a reward for doing a good job without promotion, promise of promotion, or any further compensation. Management's attitude is "you're lucky to still have a job". This is the price of job security. Make your own informed decision. Good luck.