Pros
Flexible work schedule with the "9/80 Schedule" so you will have every other Friday off. Well compensated with pension and 401k contribution (continued without reductions or interruption during economic downturn). Generous tuition reimbursement. Large organization provides many career opportunities. Stable employment as long as you perform at a high level, network with other groups, and proactively seek out additional opportunities.
Cons
Downsizing and Offshoring has increased workload and stress of those who remain. Job postings are 3-4 years in duration unless management decides otherwise--constant reorganizations. As a global company, you are expected to work virtually (while in the office). More emphasis is currently be placed upon costs than on customer or employee benefit.