Pros
Flexibility - you can push the limits of your job, change positions, etc. The engineering mindset means there are not a lot of surprises. Change happens - sometimes slowly, but you can be a significant player no matter what role you have in the company. People want to help each other out - you rarely hear "no" from a co-worker without a very good explanation.
Cons
The process orientation can sometimes be overwhelming - files are stored 8,9, 10 layers deep in electronic folders, opening a job requisition requires multiple emails and approvals and still takes weeks or even months. For people used to more agile companies, the pace can sometimes be frustrating - bosses want things yesterday but it takes time to get the details sorted and you are required to have the details sorted.