Pros
A good place if you're in to "skating by" and collecting a paycheck without ever really advancing - great work/life balance, low stress environment.
Cons
Absolutely no culture of cultivating talent. Every few years there are layoffs, yet they will hire interns or outsource to India as though their people are interchangeable components. Senior management seems oblivious to the amount of institutional knowledge they have pushed out the door, and as people too mediocre to go elsewhere accumulate, all they see is less and less performance for the same dollar - which in turn leads to more layoffs and reorgs, and so on. There is literally no future or advancement here - if you get an offer at a particular level, ask yourself if you'd be comfortable being at that same level in 5 years, and if not don't bother. Actually, don't bother regardless - odds are good you won't make it longer than 5 years anyway.