Pros
Some of the brightest people in the business work there. I've made great friends there however it would be great to actually see them as they are always working. They have a lot of resources and tools. They get great access to customers by being a best in class company. They dominate the category. It is an exciting and constantly changing environment. You will have the opportunity to advance if you do all the right things. It is a great place to work early in your career if you don't yet have a family and are willing to relocate for career advancement. The pay is good but the expectations are high,,,,some would say impossibly high. Get in, learn as much as you can, advance as much as you can. Save your money then move on when you find outside opportunities for growth and work/life balance.
Cons
Lots of big egos here. It is cutthroat with a smile. Know your role. They bring in a lot of young, bright people who are eager to move up at all costs. There is a difference from being one of the "chosen" to being a consistent performer but not on the fast track. You may feel resentment if you are a performer watching the "fast trackers" move past you doing lower quality work. They are enamored with their presentation decks. They do a lot of talking to themselves internally. They are not very customer focused. It is results at all costs---grow sales and share with relentless focus. It is a up and out mentality. Lot's of turnover and reorganizations. I did great there until I had a family and wanted to see them in the evenings rather than working. You almost have to have a spouse who is a stay at home parent. It is very tough for 2 career families. I had great vacation benefits but rarely took a vacation where I didn't work or go in to the office for meetings. Perspective is reality. They will not straighforwardly give feedback but will work things behind your back. Make sure you have an internal supporter who paves the way for you. Beware if your supporter changes positions which happens all the time. Realize that your time there may be shorter than you would choose so manage your time wisely. Take it for what it is worth. Only a token few retire from this company. They are good at managing their pension liability down. You think you have a great company on your resume but other employers are well aware of the reputation and are wary about bringing in PepsiCo people. They don't want the "jerk" mentality that is so prevalant.