Pros
You have the chance to work with very smart people. High impact in terms of industry range. Great facilities and work conditions.
Cons
No industry competitors - because there is partially no competitors higher management have no reason to make any house cleaning, be more efficient or work towards leaning workflows. With some exceptions mid-management is poor. It's not about your management skills is about how long are you in the company. That makes a huge difference in terms of getting the best resources, review and support. Very conservative in what regards changes. Very process oriented and slow moving - when something new is to be proposed with the objective of improving quality of work, it has to be reviewed so intensively that most people just give up and don't bother anymore. I think too many great ideas not even come to the surface because of people not believing it will ever happen. Unclear review criteria. Hard to be promoted or get decent salaries increases.