Great place to work, but company is overly obsessed with its 2015 earnings goals
Pros
Great, motivated, very smart people. Opportunity to define your own role, and to move around - you can have a quite varied career all while staying at the same company. Work-life balance is pretty good, no excessive overtime except for those who choose it.
Cons
IBM set itself the ambitious goal of doubling its EPS from 2010 to 2015 (so-called 2015 roadmap). But since revenue has been relatively flat the only 'lever' they have is to cut expenses. As a result they are cutting positions and making their salary program into a joke. They pay less than most IT companies and recent increases have been in the range of 0 to 2% for top performers, with nothing at all for those who aren't at the top. They are also cutting various divisions in the company so badly that the best people are quitting, leaving mediocrity behind.