Good for a jumping off point, bad for a career
Pros
Benefits are some of the best in the industry, IBM brand still looks good on a resume. Great place to gain experience. If you are a high performer and show it you can possibly be recognized for it with financial incentives but this also depends on how well you play into the politics more than anyone likes to admit. Lots of opportunities to build your skill-set, if you prove that you can get things done early on you will get the interesting high skill work as it comes in.
Cons
In these new "delivery centers" micromanagement is the encouraged norm not the exception. Be prepared to be forced to sit though lots of useless "GDF education" seminars which rehash the same information over and over about how you should be working (and then management will want you to do it a different way anyway after the seminars.) Also once a year all employees have to use a time tracking tool for about a month, where everything that is done has to be logged and analyzed to decide if the work can be done efficiently by less people or not. This is an extreme cost cutting environment, instead of having a real catering service they contract that to a local gas station. Things in the building that break will not be fixed for months in the future, if they even are at all. Overtime hours getting revoked is the norm, some teams inside the building have lost entire clients due to the overtime crunches but management doesn't care. With this new "GDF methodology" the hiring of inexperienced people is also the norm. Plenty of people in low level system administration positions have never even logged into a server before. Salaries are also below market rate. The focus on team metrics is also a little extreme, too often it gets to the point where more time is spent trying to game the metrics system rather then trying to improve the real processes. People see the writing on the wall and know that in a few years most of the jobs will be done from India.