Pros
Our project experienced an extended period of stability. Worked with an excellent group of co-workers, other employees I worked with outside my immediate project were highly skilled and professional. Generally worked a standard 40-hour week, no unreasonable demands for overtime hours. Decent health plan if you took advantage of all the healty-choice incentives. It seemed like some of the recent management changes might result in greater responsiveness to the employees.
Cons
Typical problems with large contractors - most of us felt disconnected from the company, weak communications on many levels, compensation tied more to the profitability of the assigned contract rather than responsibilities and performance, easier to lay off employess at the end of a contract than place them elsewhere in the company. Some of the policies (how overtime compensation works, layoff notices accompanied with assurances that no one will be laid off) left us mostly confused.