Pros
Company has been around a long time. Strong enough benefits that keep people there for decades. Some of the best co-workers I have worked with, and some of the worse. If you're a minority or woman, put in your application, because there aren't enough of either. Advancement is fairly easy, but a lot of people are in ruts. Good place to manage your own career. Work / life balance is excellent.
Cons
Incredible amount of internal politics and indecision. They hired a lot of MBAs fresh out of college and gave them accelerated rides to higher level management positions. Many are in way over their heads. Some are outright dishonest. Business is soft, there have been countless redirections and misdirections in strategy. Mind-boggling matrix organization that simply cannot work effectively in today's fast markets. Very few team builders among management.