Pros
Huge company so you have a broad range of departments to work in, it's like changing companies every time you change departments or business units. P&G has good benefits, decentralized decisionmaking, high level of responsibilities from day 1, mentoring program, tuition reimbursement, goal oriented evaluations (based on outcome and not how much time you work or other subjective reasons), 360 feedback (to help you know your strengths and weaknesses), and most importantly, P&G is a company that you can work for your entire life, most people do.
Cons
If you come in as an A&T (non management - Administrative & Technical) chances are you will never make it to management no matter how well you perform your job or what your educational background might be. Entry-level management positions are offered to recent grads of 4 year programs and masters degrees with no experience, yet, if you have these degrees and happened to start as an A&T, you have slim to none chance of getting into management. I know plenty of MBAs at P&G that are A&Ts, have been with the company for 10-20 years, have been top-rated and aren't promoted into Band1 (entry-level management). Basically: If you see "non-management" in the job description, DO NOT APPLY if you have any aspirations to management, especially in marketing. Marketing specialists NEVER become Associate Brand Managers, it just doesn't happen. ABMs start at Band2, so if A&Ts cannot make the jump to Band1, there is even less chance they can jump to a Band2 ABM role.