Pros
You'll work on a unique product. Some supervisors are fantastic. Some flexibility and remote work. Competent engineers get to work on interesting products and often get extra responsibility. If you plan to be here under 5 years you can use it to build up experience for an engineer. For a designer (union job, doesn't require a degree) it's great until the layoffs)
Cons
Senior management (director and above) dont care about retaining engineers causing a worse product, and a loss of technical knowledge and competenct personnel. Cost cutting is already happening (they even stopped paying higher level engineer overtime) which isn't indicative of a good future. It's a slow changing company which hasn't kept up with most trends or business technology since the 90s (time keeping is still on a DOS system). It's run like a company from the twentieth century without the matching pensions. Many managers are perfect examples of the Peter Principle. Good and bad employees see no financial differential - which incentivises poor performance. Bonuses aren't based off personal performance, but the whole organization so you performance doesn't matter for the small semi-annual bonus checks. The cherry on top is you can even park at the office, and the offices are poorly maintained.