Pros
Flexibility in the workplace has been great. No two days are the same. Ever. As an engineer, you have access to the latest and greatest technologies and you actually get to integrate them into cutting-edge solutions. I've been able to work from home, work from abroad, work from the office and have never had an issue taking time off for personal business. Benefits are comparable to any large company and they seem to stay competitive with the marketplace.
Cons
As a large corporation, there are many hoops to jump through to get something done. Getting funding for materials can be challenging and there seems to be hardened obstacles at many turns. The annual evaluation process attempts to provide a balanced approach, but still ends up being based on a functional manager's preference and salesmanship in a group setting.