Pros
Lots of decent, smart, & hardworking people. Opportunity to work flexible hours like every other Friday off or at home as needed (as long as you don't abuse. Company pays for graduate school. Our operation is usually pretty good about finding coverage for employees losing contract coverage.
Cons
When we went public, the atomosphere changed for the worse. No more bonuses or profit sharing for non-managers. Private to public stock conversion was nebulous and not even mathematicians could figure out. Raises are typically low whereas they used to be in accordance to performance and professional development. Even after finishing a master's degree. Only senior managers seem to benefit from being public. Morale is very bad, stock is stagnant. Business units and operations compete against each other. Managers are actually penalized financially if they use employees with needed expertise in other operations. Our operation has a distinct hierarchy, you are either in or out. Most people are out, but if you are one of the chosen few, you do well. Lots of good ol' boy network at work.