Pros
The pay is good, there is very little stress and strong job security.
Cons
Career development opportunities are limited and only for those who play the political game well. There are many more managers than the company truly needs, many of them recruited on criteria other than their actual ability to direct and enable people. Hypocrisy is a core value at Michelin - management will often ask you to speak up about things that are not ideal in the company and should be improved, but the correct answer to those requests is that everything is perfect (and in the area of software development, it definitely is not). Incompetent and thick management layers make the company an environment that is not ideal for people who care about more than getting their paycheck without working too hard. Decision making processes are crippled with politics and very slow.