Pros
Good work/life balance. Good benefits, tuition reimbursement, 401k match, decent vacation and medical packages. Overall, I'd still recommend working here. The people are great and the environment is healthy. The company itself is well enough managed that job stability is not a major concern.
Cons
The day to day work gets less and less rewarding every year and since the acquisition the work in R&D has steadily decreased in its level of innovation and abstract thinking. The work is steadily becoming more and more monotonous and checklist driven and less and less about true engineering solutions. I view this as the type of place to come and work, if you're just waiting for retirement. If you just want to come in and do your job it's a great place! But, if you're looking for something more rewarding than the basic 7-4, collect a check, this isn't it.