Pros
I felt that P&G overall was a great place to begin my career. I learned a lot in my first couple of years and you could not ask for a better resume builder if you want to move on to other career options later. Work/life balance varies greatly depending on what function you are in and what brand/area you work in. As far as promotions go, there can be other factors at play other than performance (i.e. alumni networks, etc.). This is not really talked about, but is definitely at play sometimes. Overall culture is open and encouraging of new ideas and differing points of view.
Cons
While the culture is very team focused it can also feel competitive as you are rated against your peers. You can be limited by your manager if he/she is not very respected.