Pros
To be honest, this is probably a dream job for the average person. Base salary for entry-level positions requiring only a high school degree can pay as much $75,000/year; with a little over-time, it's not uncommon to see a data-entry clerk rack up 6 figures a year, and that's in addition to full medical benefits, paid vacations, a pension, company-sponsored 401(k) plans, and quite a few other perks. The best part: As long as you show up for work, you can be borderline brain dead and still not get fired, regardless of your productivity. With a compensation package like that, who needs college; but, if you want to go go college, they'll pay for that, too. So there's really not much for *most* employees to complain.
Cons
The major con regards the hiring process. The company is insanely nepotistic. So if you're looking to get a job there and don't have any inside connections, don't hold your breath. If you are already an employee there and you're trying to move up the corporate ladder, make sure to ingratiate yourself to the right people. At Con Ed, it's not what you know, it's who you know. While there are some other very, very serious cons involving ethical issues, that's beyond the scope of this review, and they really don't have any practical being on whether or not one should consider applying for a job here.