Pros
The benefits (medical, dental, , vision, and 401k) are good and Lenovo has a good number of paid holidays. Your insurance premiums are much lower than some of the contractors who have to go through their contracting company. There's a gym, nurse, and cafeteria on the campus (contractors are not allowed to use the gym nor the nurse). The company usually offers free flu shots for the employees. On many teams, employees are assigned a Lenovo ThinkPad to use. The profit sharing bonuses are nice. Some of the contests, benefits, spiffs, and gifts in the sales teams are great (one year lease on cars and Rolex watches were given out in the past). They have an employee purchase discount on both the Lenovo PCs and Moto phones. They have many community events such as assisting Habitat for Humanity, etc... Ten years ago, they used to have free lunches to celebrate Thanksgiving and Christmas. Technically you have unlimited vacation (with manager approval). *****If you know the right people, work on a good team, and have a good manager, this is a great place to work.*****
Cons
Some of the cons have been inherited from IBM - these include some inefficient structure and some software in some areas (Lenovo is making some attempts to change this). As mentioned before, there's a lot of corporate politics in some groups and I feel that some of this came over from IBM (at least my retired IBM friends confirm this). Some of the managers seem to fall into the category of "they were great at what they did in their previous position, but they are not great at managing people". Not always an issue, but some teams have to work closely with their counterparts in China and this could mean working later or earlier, due to the time differences. There seems to be a high turnover in some teams and there is seems to be a corporate wide layoff every two years. Contractors don't always have access to all of the perks the employees do.