Pros
Current pros for the company itself are non-existent. I really like the peer group and lower level management with which I work. There are a lot of bright, talented, and motivated people here. The sad part is that senior management does not seem to value the employee at all anymore and is largely pushing the best talent out the door.
Cons
Great corporate 'policies' on work/life balance, company opportunities, upward mobility, etc. are now only rhetoric. I agree with much of what others here are saying. You are a number and not a human being to senior management. There is little communication or interaction between senior and middle management and zero communication between senior management and employees. Hours are long, pay is mediocre, and benefits are being cut at an alarming rate. This year I am having my sick time cut from 10 days to 1 day with up in salary or vacation/holidays to compensate while senior management and pay/bonuses go up by leaps and bounds. Internal systems and departments (e.g., IT, HR, and accounts) are horrible - these areas are constantly turning over due to immense job dissatisfaction. You can never get a hold of anyone with enough experience to help you.