Pros
Benefits are solid. PTO policy is pretty generous. They have a good deal with their Retirement and Savings Program, too. They do a dollar for dollar 401k matching contribution, up to the first 4% of your pay, which is 100% vested. They also do quarterly contributions of 10% of your eligible earnings, which are fully vested after 6 years working there. It's pretty difficult to get fired--you have to screw up pretty badly. And they've never had layoffs in their history, so there's definitely good job security. My experience with management has all been pretty positive. Some of the higher ups (like 3 levels above me) don't listen well to the average peons, but that's pretty typical. My direct supervisors have all been pretty good though.
Cons
Opportunities are limited, at least at the Charlotte office. They're turning it into a call center. If you work at the Charlotte office, you will either be on the phones, or managing or supporting people on the phones. Across Vanguard, pay isn't competitive at all compared with other companies in the industry. And I've heard that external hires into the same role that I'm in started off with higher pay than me, despite my being more valuable to them by knowing Vanguard's internal systems and procedures.