Pros
It is an incredible place to cut your teeth and learn the marketing trade. P&G values clarity of thinking in written format and formal team leadership. They will train you on this. It is a great place to open a lot of doors, and some roles are truly rewarding and fun. Good managers will provide a lot of ownership from the very get-go.
Cons
It is a careerist culture, the best are highly political. This company frequently moves on soundbites more than sound analysis. Leadership is aware of the crafting of messages, however it is a cultural problem that is highly difficult to break. It is still the way to get up in the organization. Managing your personal development ultimately falls to you. This adds value to being networked and politically savvy.