Ask HN: Non-obvious pros/cons of contracting vs. full time work?

I've been contracting full time for a company for the past four months or so. I get paid pretty well, but of course have to pay self-employment taxes and have to handle my own insurance, etc.

It looks like there's a good chance the company will offer to hire me full time. This will presumably mean less taxes and some decent benefits, which will be nice, but will probably come with a pay decrease to even it out. Thats's all fine.

My main question is this: what should I consider besides all the obvious stuff (taxes, pay, benefits)? For example, this is a fortune 500 company, and I'm a little worried about being sucked into the politics of working for a company that large, whereas I've been able to stay out of any of that as a contractor. Is this a valid concern? What else should I consider before making this decision? What are the non-obvious pros/cons of full time work for a large company vs. contracting for it?