Pros
There is Job stability, esp. in a tough economy (because consumers still need staple household goods). P&G provides a very thorough training program for all new hires and even more senior levels. The company also has a believe in continued information sharing through corporate networks to leverage cross-category learnings and drive scale.
Cons
While P&G is a great company, there is a lot of corporate bureacracy that drives slow decision making processes. There is a need to "rightsize" qualification plans to prevent late launch into market. Sometimes P&G is too focused on making all decisions based on consumer data and will not move forward unless all the t's are crossed. Additinoally, there appears to be unbalanced work/life balance between different functions & categories.