Pros
Nice perks, like a cafeterias at the big offices. Also on-site gym & dry cleaning available. Relatively easy to work from home when necessary since communications are often via email and conference calls.
Cons
There is a collaborative decision making model, which sounds nice, but it's unclear who has what authority because every project is different. For example, sometimes your boss saying yes doesn't make another team help out when you need them. And if you didn't contact executive X until too late, then they might not want to help you. Overall, it's hard to get be on the cutting edge of anything because so many people have to be involved with the decisions. And little things like budgeting is difficult, you manage your budget offline in Excel because accessing the system isn't always accurate or up to date, it takes 2 weeks to get a purchase order open and over a month to get vendors paid. I came to SAP through acquisition, and after the merger, I felt my career took a big step backward because half my job was getting all of the little things in line to get something complete.