If you want the IBM name on your resume, then prepare yourself.....
Pros
Name recognition to put on your resume. Good software solutions to resolve business problems. Great match on the 401k Good training when done in a classroom setting. Peers are generally eager to assist when needed.
Cons
Abysmal senior management at the Business Unit Executive level and just above. Career growth is touted but non existent. Software Sales Reps are generally weak and act more as farmers. Most don't understand what they sell and/or how to position a solution. Culture has become very abrasive, demeaning and arrogant over the last few years. The performance review system is flawed and unfairly benchmarks employees without taking into account personal contributions. Most training done through web seminars to save costs is very ineffective.