It all depends on your management and department
Pros
IBM is a great company to work- benefits and culture wise. But things can be very different for you personally depending on the manager and the department. Some people are never meant to be managers. And some departments are pure toxic and filled with bias. Especially the case with acquired companies. IBM has a tough time blending acquired company culture into theirs and often times end up abandoning the whole team after a few years of trial.
Cons
This is the mother of all corporates. Everything you have heard about corporate world is true about IBM. Too much of hierarchy. Its all about people you know. IBM has alot of cool projects but to get into one of those is either luck or knowing someone who is already working on it. Good benefits but pay is borderline.