Pros
If you are at a main company site (I believe mostly in Minnesota) or at a site they decide to keep, it appears to be a well run, well funded place with classes and conferences to help you stay current. If you are at an acquired company, they will tell you how valued you are. You may get continued employment for some time, and they provide some outplacement support and severance when they lay you off.
Cons
Hunter-gatherer, with companies and products as prey. If you are at a company that is acquired and don't want to move to Minnesota (extremes of -40°F and 110°F humid), start looking for work. They come in friendly, learn about your products, then transfer the profitable ones to Minnesota or offshore, kill any that don't have high enough ROI, and lay everyone off with various amounts of warning. Not sure whether you will get to design anything new. If there is any next-generation product development or work to keep them updated, I am not aware of it.