Pros
Interesting company that is into everything. There is a small company in every field inside this larger company. Pockets of truly awesome people that are passionate about their work. Funded projects tend to be provided with adequate resources to be successful. Some benefits are competitive. Attrition is bringing in new people with new ideas.
Cons
IT is not treated as an important strategic resource (daily reminders that UP doesn't consider itself an IT company, only a freight company), in a world where all companies need technology to thrive. IT lifers assume that there is one way (the UP way) to do things. Antiquated and rigid corporate culture. Archaic rank and stack system where IT employees are ranked from 1 to n along with their projects to determine an individuals value for everything from bonuses to promotions to whether you are protected from reductions. Some benefits are not competitive.