Pros
Tremendous opportunities for learning and personal advancement, but you have to take total ownership of your career. There is no management guidance. Managers are simply there to manage "resources" - and that means "you".
Cons
Deep and unyielding bureaucracy. Takes a long time to understand and get to grips with the IBM Way. The company is divided into five major divisions who appear unwilling to communicate and create common goals for the most part. The ability to work across business lines is an art and a skill understood by only a few. Significant politicking is required to keep your job from being outsourced. Layoffs are an annual event. IBM has become a business dictated by the bottom line. There is little to no investment in people development, despite much lip service to the contrary. Human resources are just another commodity to be replaced by the cheapest alternative, most often from non-US sources.