Pros
Immense resources with some very talented people. There are tons of very interesting projects going on internally, many of which will eventually make it into products. In some respects, our intranet is a geek's dream playground.
Cons
Because it is such a large company, it is not the sort of place where you will move up through the ranks very quickly. Although it is not the IBM of the olden days, there is still very much a management hierarchy, and getting promoted to a people manager role takes time. My biggest complaint would be around the company's sales strategy. There is a laser-like focus on the IBM "message," and as a result individual brands are not permitted to do their own advertising. The end result is a company with a set of great products that not one in the marketplace is aware of. It is very frustrating to see this as a sales rep, where you are selling products you can get excited about, but feel like you are being slowed down by IBM's own sales strategy.