Pros
Wonderful people, some truly great clients, flexibility of being a remote employee, fairly good overall benefits (but 401(k) matching reduction still stings), travel with the consulting jobs (if you enjoy being a road warrior).
Cons
Salary freezes, below-market pay in many cases, bonus plans that are constantly being reduced, executive management that is causing a lot of hostility and frustration with employees, and doesn't listen to us. Customers who are increasingly frustrated with being charged higher prices than the competition and a stagnant development cycle. We're falling behind the times with regards to our software, and newer companies are providing more attractive solutions that cost less, while our executive management doesn't really deal with those problems effectively.