Pros
Once you learn enough to get past the media hype, you realize that SAP is the true leader in its space with an absolute 'A' list of customers. SAP attracts very talented employees who you will learn from and who will cause you to be your best. The extended SAP community, including customers and technology partners, is a consistently stimulating envrionment to work within. SAP's new leadership are improving the areas of SAP culture that do need attention and these positive changes are already obvious to everyone.
Cons
SAP is a very intense company with a lot of moving parts. It can be unwieldy and daunting for a new employee. But once you acclimate to the culture, you're fine and you can easily work within it. Also, the nature of the company's business is that your job does not have a start and finish each day. It is a whatever-it-takes, high performance culture - this demands a 'workstyle' (v. lifestyle) with a lot of mental energy steadily expended on your work activities.