Pros
Most who work for HP on the "traditional HP path" are well versed in the requirements of all positions since they have held them at one point themselves. Pay is comparable with the industry standards. Opportunities for learning and career growth are plentiful. Company looks to keep its employees happy and secure.
Cons
The projects are so large that you only get to touch small portions of the overall system. Also, the processes are designed to make each member of the team interchangeable with the next, which leaves little room for personalization. Additionally, the employee has little say in the location of the project they are assigned. You never know where you have to move to next. You will be required to work much more than a 40 hour work week to be successful.