Pros
P&G is great place to find Job mobility. Almost no one is doing the job they came in the door with, and they believe very strongly in cross-disciplinary moves. P&G also has a very Competitive Salary & Profit Sharing program. Finally, P&G is a place full of good people! There are always a few bad apples, but my experience has been overwhelmingly positive.
Cons
P&G is a large company, and this presents some unavoidable realities. It is difficult to find true leaders in middle management who understand their role as critical decision makers. There is a whole layer of unnecessary work, performed by a healthy layer of unnecessary people. However, with a bit of attention, one can avoid being mired in this layer and stay focused on the work they love.