Pros
Stable company, profit sharing, 6 week sabbatical every 5 years. This company has products that have been running for the duration of the company's existence, which illustrates their commitment to sustaining technology that works well. Very few "lay-offs" in the decade and a half that I've worked here. Easy going culture in design support (less so in design itself).
Cons
Few lay-offs means that burned-out employees who are under-performers or who take advantage of the company's generosity are taking up space that could be filled by enthusiastic employees. Old boys club mentality. There are no females in executive management. Very few women designers. The few women who are in middle management positions tend to emulate the egotistical leadership style of male middle management. Bias towards hiring from particular ethnic groups, except in design, where designers are mostly Caucasian males.