Pros
DTE uses "overpaid consultants" to figure out what makes a company a good place to work, but they actually listen to the recommendations developed. When I was employed there for two years, we had mandatory meetings to discuss improvements in useful areas of employee engagement (with *actual* support from management). We cared about each-other, and were never afraid to ask questions or sound stupid. As an engineer, that always bothers me, but DTE made me feel comfortable with it.
Cons
These "cons" are very petty, I really can't think of much... My department was old-fashioned, they didn't allow telecommuting at all. They only had one kind of coffee for free. Escalation of actual, legitimate problems took longer than I wanted (but always eventually happened) - it was on the order of months, not days (that's what it's like at a utility company though).