Pros
Depending on what office location your in, there is plenty of room for you to either grow in your current position or move to another department to learn more. Work life balance is good, but that also depends on who you work for and what department you are in. Support of co-workers is great.
Cons
Senior management is lost. Your expected to do the work of two people. Managers/Directors/VP's constantly change as positions are "eliminated" (employees given severance packages), then backfilled by either a replacement off the street or moving another person internally to the "eliminated" position. This is done mostly because someone doesn't like someone. There is a great deal of favoring work friends by management, meaning if an open position is posted, a managers friend who is not qualified would be offered the position vs someone who was qualified (I've seen this happen so many times). Management will, at times, brush issues that are brought to their attention under the rug vs attempting to correct the problem. There is also a great deal of outsourcing that goes on which makes you wonder if your position will be there the next day (they tend to not let you know it's coming 99% of the time). I survived almost 16 years with the company before I decided it was time for a change (on my own behalf), so a long career can be done with them. Compensation is not the best.