Pros
I was hired during my senior year of college to work at the Austin IT office. I like cars and GM's offer was higher than a couple of others I received so I was excited to start! As an entry level employee you get to work on real projects that contribute to the company. If you have the drive and determination you can get recognition and get some extra money! The pay is good for entry level hires. For your first 3 years, you get 4.4% increases every 6 months as long as you don't screw up!
Cons
The new college hire program for IT is very luck of the draw. You are assigned to a team based on need and not really your skill set. I came in with JAVA skills and was assigned to a team to do web development. Also, some of the managers are better than others and once you are assigned at random you don't get to pick. Some of the managers like to micromanage and count bathroom breaks while others are hands off and allow you to work from home when ever you like. I got one in kind of in between which was fine. They hire a LOT of recent college grads so if you want to get ahead you have to bust your butt. There are not a lot of opportunities for advancements so even if you do bust your butt it is not guaranteed you will get any promotion, this is the main reason I left. GM as a whole is a very cheap company, so don't be expecting to be trying out the new cars. There are no free meals, no company sponsored parties, and no team outings. If they can save a dollar they will! I often forgot I was working for a car company!