Not what you'd expect on a such company
Pros
Nice people (except some managers), office location and equipment, almost free parking (yet), moderate amount of work/tasks, good work/life balance. Freedom to organize your work, home working up to 3 days a week. Still good entry in resume. Unlimited access to documentation, books. Good place to learn IBM technologies although certifications are not free for employees.
Cons
Salaries below market average. Less and less bonuses/profits every year. Never ending "crisis" which they use to explain why there are no raises. Annual evaluations are just a comedy. Only a few projects, mostly concentrated around support (L2/L3), low diversity of projects. Constant pressure on patents and publications. Not too many opportunities to grow knowledge/experience in the software industry as the lab suffers from "reinvent the wheel" syndrome which means "use only IBM tools and libraries or code everything from the scratch" (means no libs like Hibernate etc. allowed in the projects). Many valuable peoples' effort goes unnoticed and/or underestimated, while a few ones are making quick and brilliant careers without no visible reason. I'd also say that not all of the managers are the right people in the right place.
