Pros: some degree of stability. weekends are generally off.
Cons: pretentiousness, office politics, callous disregard for the "greater" good, bottom line is everything
The atmosphere completely depends on your coworkers/department so it ranges from blissful to abhorrent.
Everything is political, and there is little recourse if you find yourself in a hostile work environment, or are told to falsify your time sheet, etc. About the only way to increase your wages to in anyway keep up with the cost of living is to move – more... between departments, as the standard raise is 2-3%. – less