Pros
I think the biggest pro of working at Walmart (at least at HQ) is that most of the poeple working there really love the company and love working there. Probably half the people I work with have been there for 10 years or more and many of them have lived all over the country (becuase they wanted to, not becuase they were forced). Most everyone is very friendly and there isn't an ounce of arrogance to be found. Another good thing is all of the fun events the company puts on in NWA (celebrities at Saturday Morning Meetings, free concerts during shareholders week, etc.)
Cons
I really don't like living in Bentonville, despite the VERY low cost of living. The traffic is awful and it's in a dry county. It would probably be great if I had a family, but as a young person there's not much to do. The other thing I don't like is the fact that despite management's best efforts to promote an entrepreneurial spirit among associates, it's still a big company. There's only so much leeway a company that big can give to individuals and still maintian order, so I don't really fault them, but if you need someplace that you can be a little crazy this probably isn't the company for you.