Pros
It is a steady paycheck if you can last. If you are a manager, then there are lot of opportunities. There are fewer and fewer jobs for engineers and non-exempts as these jobs are being removed and sending the work out to third parties. There are a lot of middle-management creating new roles for themselves within the company, but there is a big hiring freeze currently so not many new positions for outsiders being created.
Kontras
Down to barebones. There is a lot of middle management fighting for control with little being accomplished. Fewer and fewer people that get things done are being kept and instead let go and replaced with attempts at getting the work done by a third party or offshore contractors. This is causing quality to decrease and is greaty increasing risk for customers to get their products on time.