Pros
Conservative, intelligent, responsible, and straight-talking senior management at HQ in Germany; many options for career movement in technical and non-technical roles; not a lot of dead wood - engineers are smart.
Cons
Lots of red tape trying to do simple things like ordering a docking station for a laptop - can take MONTHS! Some real jerks in middle management from acquisitions. User interfaces of SAP software are unbelievably bad - can't take much pride in them and there's lots of frustration when using the stuff yourself. Underlying architecture stable but arcane - you will likely find yourself porting your 21st century code to something akin to Windows 3.1 after encountering the laughable attitude that "if you follow good engineering hygiene you should have no problem adhering to the requirements."