Pros
Great opportunity to work on a variety of projects in different areas of the country. Great bench strength in some areas of expertise; if you need an expert on a certain subject, they have one somewhere. Great benefits package compared to some other places I have worked.
Cons
Much corporate "heavy handedness" - edicts are handed down without much forethought. Not a nimble organization - cannot respond quickly. You will need permission to do most anything, and probably from at least 3 different people. Even the adminstrative assistants can stop engineering work! Very poor leadership at the division level. We only see or hear from them when they've decided to lay off staff. They have never actuallly showed up to contribute anything useful that I can see. Rather disorganized. Good luck in getting any direction from upper management. You're pretty much "on your own" until someone decides they didn't like what you did.