Pros
Fascinating and engaging work until our development contract got near completion, then it got boring. They do (or did) compensate you at a premium rate for overtime if you're a salaried employee. Generally great benefits, although somebody who goes to work for Boeing now doesn't get the same deal as the long-term employees. The company has been shifting more and more to portable defined-contribution post-employment benefits (via the Voluntary Investment Plan, Boeingspeak for a 401(k)) but the long term employees like me got a non-portable pension.
Cons
Work-life balance stinks as you're expected to work until the job's finished. Leadership promises the world to the customer as the aerospace business works contract to contract. At least my management told me to save my money and I took it to heart. Training is good, and if you are temporarily between tasks there was a lot of voluntary training opportunities available.