Pros
Very good wage, even if merit increases are not as high as you may like. Very interesting projects and programs. As with any position, it is what YOU make of it. Fellow employees are grand, good folks to work along side. Dedicated. Good relocation packages. Good benefits and employee stock in 401K. If you leave and come back, you will probably come back at a higher wage/position than you had before - IF- you are lucky enough to get back in the door.
Cons
You can be overworked while others are not - normal in any business. Management has never really had a good method of getting rid of the unproductive employees, they seem to get pushed up the chain of command instead of being shown the door. Upper management, above director level, don't usually have a their pulse on the organization at the worker bee level as well as they could. If they did, improvements folks put forth may help a lot in efficiency, cost savings. Lately it appears that Quality as an organization is being deemed less important as a whole. That does not mean that the quality of the products produced are less, just that the Quality organization has a more difficult time being able to do the job needed to keep things going correctly and not just per schedule to get it done.