Pros
As many other reviews have pointed out, the company has been going through many reorgs and transformations in the past few years, some of which were quite painful. However, the fruits of this hard work are really starting to show. The company now is almost unrecognizable compared to where it was just 5 years ago. Bureaucracy has significantly reduced. Many teams, even those in legacy business units such as Systems, have already fully adopted the most advanced industry best practices such as Agile, CI/CD, Design Thinking, etc. to great effect. Since IBM touches almost every technology that currently exists and employs people of almost every skill set, the opportunities are endless. Work-life balance is also extremely good. Most teams are very flexible with working from home or working from another IBM office.
Cons
There are still great disparities between different teams, even between those within the same business unit. Many teams, especially those that have been around for a long time, have developed their own culture as well as very idiosyncratic ways of doing things. While this is not necessarily a bad thing in of itself, it does create confusion at times and present a learning curve for new hires.