Pros
No problem meeting payroll, generally flexible work policies, decent (but shrinking) benefits. Layoffs are rare, and they almost never get rid of anyone, so 98% of the employees have job security. The company is run with decentralized execution, so small teams figure out how to solve their own problems with plenty of freedom of action.
Cons
It's run like the military (by mostly former military managers), so you get promoted based on time in grade, not on performance. There is really no connection between compensation and performance. Their goal is to pay "95% of the local mean wage," which is to say that the average worker there is paid below the market average. It is well-known that they will hire someone at a higher wage than they are paying the current workers in the same position. Otherwise they will never be able to hire anyone (duh!) Hence, there is more turnover than necessary, but people often return at a higher wage. It is an odd system, but it seems to work. Oh, and there have been 3 or 4 re-orgs in the last 6 years, but no one at the top ever actually loses their job. De-centralized execution often leads to no one knowing how to get things done outside their immediate area and there are almost no "tools" for PM's or Finance people to use - everyone has to invent their own way to do a generic task that everyone is doing on a regular cadence.