Pros
Very useful product, customers legitimately get a lot of value even with high prices. Fair amount of different technology problems to interact with. Individual contributors are often helpful. Overall this is about as good as you can imagine a mid-size enterprise software shop could be. There's a dream that it's still a fun company, but it's just a company, which isn't a bad thing.
Cons
No longer able to hear the needs of customers, who want usability and reliability. Dysfunctional waterfall process produces poorly integrated features instead. Industry best practices on scope management and quality are given lip service, but not actually followed. Technical debt is fairly high. New projects often struggle with politics and process.