Pros
This is a fantastic company to start your career in. Being a multinational corporation, you can learn quite a bit of how a big corporation works as long as you are observant. Another great thing about the company is the work / life balance. Getting out of college it might be a shock for some to work crazy hours. Philips is great in providing it's employees with a fantastic balance.
Cons
One of the major con is that the salary is probably on the average side. You expect a large corporation to have better monetary benefits but it's evened out by the good work / life balance you get by working at Philips. Another con is that being a corporation, things move a little slow here. This might not be the company you want to stay with if you are starting out your career and want to move up the ladder quickly. However, I feel that this is a great company for anyone that's looking to stay for the long term.