Out of touch workforce & out of control legacy products. Struggling to change years too late.
Pros
Good opportunities to get out and about, if you are in the correct role - and have funding (almost impossible currently). Surrounded by plenty of smart people. Ridiculously good looking locations. IBM still looks good on a CV. Plenty of opportunities to move around the portfolio and also change job role. Shows hope of changing for the better.
Cons
Disappointing IBM wide culture, few willing to adapt to changes in the industry. Some employees respond to stack ranking by undermining others. New products behind, out of touch and still do not focus on the end user. Massively out of touch marketing efforts scare developers from IBM's latest products. Disappointing and insulting graduate and intern hiring schemes. Poor/no on-boarding process for new hires. Incorrect and disgraceful process in places. Employees frequently prevented from working by individuals on irrelevant box ticking power trips. Auditability over usability, if you care about working at pace with good tools - go elsewhere. Lots of IBM skills are useless outside of IBM - many find it hard to jump out of the company. Death by power point / conference call is frequent.