Pros
It is an interesting experience to work here. You do have a lot to learn, but it's hard since you rarely have the chance to do interesting stuff.
Cons
For an unexperienced developer it will be hard to start. You will probably work on the older application, the one that no one cares about. For the ones with experience could be kind of boring. 40% of the time you will do bug fixing. 25% of the time you will write or change unit tests. 15% of the time you will do the actual programming. 10% of the time you will attend to useless and endless meetings(scrum or other types). You will have the management on your head (the team leaders and/or the PMs) on a daily basis, constantly checking you. All the tasks will have the same dead line no matter how much experienced is the programmer working on it. The deadlines are very important and if you manage to finish before them ... guess what ? Notthing happends. No bonuses whatsoever: not on holidays not for performance. The health insurance is too poor.