Essentially, liquidating its assets...
Pros
Worked at IBM for over 30 years. It used to be a wonderful place to work, with talented people and best of breed hardware/software. It no longer is that company and the best that can be said of it is flexible work from home and somewhat flexible work hours. Pay/benefits are average.
Cons
Company used to be run by engineers, but now is run by the finance department. Minimal investment in it's people and R&D over the last 15 years and everything is now spent on stock buy backs. Most of the experienced and talented people are now gone. The existing set of customers are really paying the price with the current product set and services now offered. It used to be that having IBM on your resume was a good thing... I'm not so sure anymore, as it was harder and harder to get good college talent to come to IBM.