Pros
If you are a union-represented engineer: good benefits and opportunities to get some technical training. Potential for flexible work schedules which is great for people caring for young children or elderly parents. Still some opportunity to move around the company to gain more experience instead of having to move to a completely different company but those opportunities are shrinking. The opportunity to work with some very smart people.
Cons
Restrictive skill/job codes that limit movement which used to be a major benefit. Increasingly difficult to move to the next pay scale. Too many levels of management and frequent re-organizations which impacts productivity. Depending on the organization, you can be transferred as often as annually to different sites all over the Puget Sound which makes it difficult to maintain carpools and vanpools, so commuting can be a significant issue. Big company politics.