Pros
Procter is a great place to work if you have a love of marketing and brand management. It is first and foremost a marketing company, and this ethic permeates all functional areas, including even Global Business Services (IT, HR, etc). In general, Procter encourages employee initiative and strategic vision. Most employees tend to work 2 or 3 year assignments, then move on to other areas. This is great from the point of view of learning the business and acquiring new skills. Most Procter employees are hired from school, and unless you are part of an acquisition, the company might be hard to break into.
Cons
The internal "network" at Procter can be hard to break into if you are coming in from the outside. However, if you are an assertive and confident networker this should not be a problem. There is a strong emphasis personal "branding", that sometimes can seem more valued than tangible results. The rapid turnover of "assignments" can result in employees having a lot of breadth but not much technical or business depth in any one area.