Pros
Many talented engineers and mostly hardworking, friendly co-workers are still here, in spite all the stress from years of layoffs and pay freezes. Your starting salary may look good, but negotiate wisely, as promotions are scarce and pay freezes or tiny raises are standard. If you are senior management, you'll still do well, with promotions and bonusses that are funded by slashing benefits and freezing the pay of the regular staff. On the plus side, the variety of projects you can work on (though there are fewer new projects now) will give you solid experience for your resume and your next real career..
Cons
It's a depressing place to work. Contract workers are treated better than regular employees -- they usually get advance notice before their contract is done. Employees have been getting that tap on the shoulder and march out the door with no notice and barely time to gether up a few personal belongings since 2011. Contract workers also get paid for the overtime needed to make up for the poor planning and generally bad project management, unlike regular staff who often work long hours for free, especially after getting added work from laid-off co-workers piled onto their workload. Favoritism by management is rampant, so if you kiss up to your manager, your workload will be a lot easier to manage. Benefits have been cut to nearly nothing, except a so-so 401K match and high deductible health insurance -- even paid time off was cut by 40 hours to max out corporate profit and executive bonusses.