Pros
Conservative, stable corporation that offers a great 401(k) program and good medical/dental benefits. Paid vacation, paid holidays and personal days provide you with plenty of time to do the things you want to do outside of work. Finally, the company actually stands behind its tuition reimbursement program unlike other companies (CAT paid 90% of my tuition in getting my MBA from Bradley Univ.).
Cons
Once hired into a specific business unit of the company, it is very difficult to transfer to another business unit. Senior mgmt prefers that employees remain in the business unit they were hired into indefinitely. There needs to be more performance feedback reviews for each employee. Too often this gets ignored by managers because of other higher priorities from their own supervisor.