Pros
Job security and not much else. This company will keep you around for the rest of your life but will cut you to the bone in terms of salary and will show you less and less respect as you get older. If you truly value security and have no where better to go and have no real ambitions, this company is for you.
Cons
Lack of talent and clear decisions from senior management, the wrong people get promoted, and the good people who do their jobs well never get promoted because its easier to hire someone new for a new position than to retrain someone to replace someone very good at their job. Very poor communication between management to its employees. A lot of power play and fighting for territory in the management group. The management team at this company likes to think of itself as being part of a big famous corporation when in fact, it is in a sunset industry and has very poor initiative for change.