Pros
Nice environment in some teams (about 30% of the company), but if you are not lucky to be assigned to such a team things can turn to nasty pretty fast.
Cons
Lots of legacy projects for large corporations which are barely maintainable and rely on very old technologies. Most of the projects are purely outsourcing projects (think monkey coding) where you are just supposed to code repetitive and mundane tasks. They present you a nice employee coaching and mentoring plan, but it's rarely put into practice. They rely on a scale & volume business plan (lot's of employees) and they don't favor quality of the employees. It's is usually the norm to have 1 senior guy managing a team of 4-5 really junior guys (0-1 year exp) which cause frustration pretty fast. Also, think about this, they are a 500+ software company which struggles to launch a product!