Pros
Good pay, good benefits, 3 week vacation to start. Save as much as you can in the 401k. Work experience is good if you have a good management team in your department. If you enjoy playing the 'performance review game', you'll really love it. Seriously, if you want a good, solid career, this is the place. Keep in mind that you won't be given a lot of creativity or innovation.
Cons
Too much corporate gamesmanship at the mid level management. Often times your manager's goals are to move people up are a priority over the actual project itself. Too much emphasis on performance reviews and creating goals just for the sake of aving goals. Company is old and seems to discourage creativity. Company is in the process of splitting off the research division and big changes are coming. Look for the pension plans to disappear in the future.