Pros
The salaries are competitive. Another pro is that people recognize who you work for when you say Kodak, though Kodak is not the same place they remember that invented the Instamatic. There aren't a whole lot of pros other than they give you money and expect a lot in return. The severance pay is decent, at 1.5 weeks for every year employed, but you'll never get a lot of years there.
Cons
The benefits are marginal, as they have cut them drastically over the years. My 21 yr old gets better benefits at a tiny company. There are no thank you's. They would lay you off in a heart beat, and after 25 "rankings", I did get laid off. The employment has gone from 65000 in 1981 in Rochester to 6200 or so in 2010... does that spell layoff! Cash is not coming in from any venture, and they are quick to pull the plug on anything that isn't a home run immediately. The layoffs are not over, as I get continual feeds from colleagues that speak of 25% to 50% layoffs in their departments. Nobody is happy there, and the remaining workers are choked with impossible tasks. Young people don't exist there (50 is a median age), and the few young people that come quickly leave. Stay away, unless you need a 1 year assignment to pay the bills.