Pros
Good compensation package. Financially stable. Wide range of products and many internal opportunities. Engineering has talented people and can still generate a new product or enhance existing product quickly. Money not a problem (available) when needed to fix customer issues or accelerate engineering to achieve a market window.
Cons
Benefits have been trimmed continuously (for years) on a regular basis. Bureaucracy increasing. Too much infrastructure has been outsourced (i.e. benefits, payroll, HR). Visibility (top down and bottom up) into the "business" (specifically from Engineering) decreasing. Business Units have too much control to design/market product or acquire companies with "non core-value". Specifically, consumer products with no profit margin (linksys, video cameras). Commodity (i.e. data storage, tablets) with huge established players (NetApp, EMC, Apple - more).