Pros
Oracle is a huge, successful software development company, which means that software development IS the business, and development staff is not treated as just another cost center. Compensation and benefits are very good, and there is a great deal of flexibility when it comes to the hours one works. The ability to telecommute whenever it is necessary or convenient is also very nice.
Cons
Due to the breadth of software produced, a lot of time is spent integrating the products, which necessitates long release cycles. It's hard to get anything done quickly. There is also an abundance of process to control all of the continuous product integration, which also dampens one's ability to work quickly. Also, it is quite difficult to get promoted. The running joke is that you have to leave and come back to get a promotion.