Pros
Perfect for a first job experience out of college, you'll find lots of other engineers who are in the same place as you are. You can learn a lot if you are a new engineer. If you perform, you won't have to worry about job security, the company has never layed-off any of its work force. Lots of opportunities to change position if you're an engineer, because of the size of the engineering department and the diversity of the projects.
Cons
You are expected to work overtime and week-ends to meet questionable project goals. A lot of engineers end up burning-out and go find better opportunities elsewhere in the industry. Lot of people leave after a few years. As such you are just a number, management will move you around with no real considerations of your personal interests. People don't say hello or goodbye, don't' seem to care much about others except when it is professional. As a result the atmosphere is very impersonal. With the crisis in the real estate market, management put more and more pressure on employees and one of their value "take care of the people" has just become a bumper sticker. The market Lutron is in is currently depressed. Unexperienced engineers are given responsibilities which often yield to disasters that you will be asked to solve after regular working hours and during week-ends to meet goals that are often questionable from a engineering or a business perspective. During one of my hiring interview, I was explained how Lutron doesn't want unions to get in, which I found a bit weird and not appropriate at the time. The owner is 70+ and still try to rein the management team, who is scared of him and will bow and cascade questionable engineering and business goals down the organization. The owner promotes a loose and ever changing organization to better control the company and the upper management. As a result there is few accountability.