Pros
Support for flexible work schedule. Management very supportive of working from home when need be. And the time off plan is the best I've seen. With the automatic week off for Christmas, and vacation is awarded at the beginning of the year instead of being earned. And as a whole, Dell pay the higher grades very well.
Cons
Instability and constant threat of layoffs make it hard to get comfortable. With the high turnover, morale is down. If you are looking for involvement with actual software development it's not the place to be. The business sector is much more stable. With flattening of management layers, the opportunity for career advancement is extremely limited and now even more competitive. Recognition for job well done is absolutely there, but I'm guessing in part because of the economic downturn, monetary compensation is not there.