Pros
Occasionally you can learn some great new technology (some forward-looking software people do still exist here). But it's rare. I was very impressed by how impressed some folks were with themselves -- hmmm...is that a pro or a con?
Cons
the place is chock-full of technology troglodytes who are experts at burrowing up the right places. We somehow manage to procure the worst tools and systems for the company to use... there are some things in use at the company that defy common sense. I sometimes wonder if there is a nice little cottage industry of kickbacks with the various vendors and contracting companies who serve up this junk. I can't explain it any other way. (Jeff! look into it). I feel sorry for most of the software engineers who are pulled into mind-numbing projects of trying to integrate dumb system 1 with dumb system 2. There is an endless number of such projects and engineers are constantly leaving to better pastures because of this. Shoe-shining and yes-manning will send you places at Blue. Disagree with a thin-skinned and immature manager and you might as well be carrying your box out the door. Management that is quick to apply pressure but slow to reward is mediocre at best.