Pros
The company is extremely well organized. They pay well and offer lots of opportunities for advancement within the company. The social contract between the company and its employees is very strong in that the company will go to great expense to not lay off employees.
Cons
The entire system of hiring and developing people centers around loyalty. The profit sharing program is extremely back-end loaded, translating into a roughly 20% bonus after 20 years of service, and that is just for showing up to work. However, new employees are not even vested in the profit-sharing program until after 5 years of service. Since it is a promote-from-within company, most of the managers have worked at P&G for their entire career, so they have a very particular way of doing things and are not open to outside cultural influences. Further, since most managers intend to stay there indefinitely, there are few opportunities to get professional certifications and the like. Getting such certifications is actually sort of frowned upon within the company, since people then get the impression that you want to make yourself marketable to other employers.