Pros
Great team of developers, though not always the case at this company - I was lucky to work with a group of smart and good people. Middle management was savvy while being hands-off enough to allow developers to problem-solve for themselves and make fast progress. Again, I may have been lucky with this, as we were only one small team in a big company.
Cons
People tend to stay in the same job too long, myself included. It's easy to become too comfortable and even get bored with the work. I had to constantly look for ways to make the tasks more interesting - by trying different technology for solving common problems, etc. Upper management has no idea what we (developers) do and even tells us in town hall meetings that they do not value our work. Upper management is often replaced and the new people come with personal agendas to change things up in ways that often seem transparently self-serving. The best case scenario is that their new policies won't disrupt our ability to work too badly. Final con: Most software development jobs have already gone to India. This practice is bad for America.