Pros
J & J has a good reputation and it always sounds impressive when you tell someone that you work for them. Family/work life balance is very important to the corporate culture at J & J. There are many times when I had personal issues to attend to and management is generally very flexible and supportive as long as the quality of your work does not diminish. The benefits package is excellent; not only because of the health insurance but you get dollar for dollar 401k match and a stock bonus every year. You also get discounts on any J & J products.
Cons
typical corporate environment; not much freedom to express a differrence of opinion when it comes to company strategies, it actually feels like that is discouraged. They want you to drink the kool-aid and smile.