Pros
Employees are extremely proud to be "Lufthanseats". The management has a good vision and the right controls over the company. The company offers opportunities in multiple locations and business divisions (passenger airline, MRO, cargo, catering, etc.). Friendly and can-do atmosphere at the MRO and cargo divisions.
Cons
This pertains to the administrative jobs (as opposed to pilots, flight attendants, and gate and check-in staff). The culture in the passenger airline is not very pleasant. The people are not as helpful, may be considered a bit arrogant, and about advancing themselves - even if it involves back-stabbing others. The pay is low even by airline standards. Some projects can be run in an overly complex way making matrix organizations look simple in comparison.