Pros
Working in a truly Global, fast paced environment. Lots of challenges to work with, and at least earlier - lots of empowerment to take own initiative individually or with informal teams. Working at the forefront of the evolution of communication industry. An organization that can manage absolutely wonderful things on small and large scale.
Cons
The following are issues that popped up the last 2-3 years. Before that Ericsson was definitely a place where you could happily work your entire working life with a constant flow of engaging challenges. But lately many parts of the company went into "panic mode". The Change of CEO (to Borje Ekholm) lead to a completely new top layer of managers, which is understandable. But they then continued to swap out almost all manager below them etc, leaving the company with a large number of managers started to drive changes that were not in line with what the CEO was communicating. I witnessed/suffered with senior managers that kept changing directives on weekly basis for an entire year, and stopped listening to input. But that was only one part of Ericsson. Big reductions in staff were done in parts of the business that was extremely profitable (instead of concentrating reductions or selling off parts where the problems actually were).