Pros
Flexible hours (9/80 and in general). Good work life balance (easy to put in your "40" hours and go home). I had great co-workers in my group. The end product is super cool. Tuition reimbursement was generous. For post-pension people who aren't impacted by the pension freeze the 401k matching and employer defined contribution retirement plan is quite good.
Cons
Promotions are virtually impossible to obtain without changing jobs. Many people are working above their salary grade without promotions to keep costs down. Yearly raises are minimal and generally don't keep up with increasing medical benefit costs let alone inflation. Pay is significantly below market rate in the Silicon Valley. Lots of bureaucracy and road blocks to deal with on a daily basis to accomplish work. If your direct management won't fight for you your minimal chances at promotions and good raises get even more minimal. Lack of new business coming in now does not create growth opportunities.