Pros
As the US part of a large international company, there are (some) opportunities for people who have some ambition to get great experience for their careers. These opportunities have been reduced not so long ago, but they are still there. Most of the people here are also very good and pleasant to work with. There is a lot of tradition and people are proud of that, and it is great to be part of a team with that sort of pride. Also, the company tries to be decent to its employees. The culture is changing (see below), but people are still treated well and respectfully. The company is doing more layoffs than in the past, but it does try not to cut people just to improve profit in the short run.
Cons
The culture has become less friendly in recent years, with there being more layoffs and less on voluntary solutions. There was a big plan earlier this year (2008) to get people to leave voluntarily, but still a lot of people had to be laid off and more could be laid off soon. It is hard to get change in this company. There are traditions, which are good, but when change needs to be made, the traditions can be a roadblock to making the changes. People with good ideas can get ignored if the ideas are too "out there" for management.