All the downsides of a big multinational conglomeration, but overall a good place to work.
Pros
For a firm which will still give you a good name on your resume, the work-life balance is much better. One can choose to work very long hours but the utilisation targets will allow you to work 40 hour weeks and take your holiday and still be able to make your targets. If you are interested in being involved in many different projects and doing a variety of roles - IBM has the breadth of projects to offer this to you. You also get to meet many talented professionals at various projects who are nice to work with and smart. Work is quite flexible and most people in the consulting side have the option of working from home on a Friday which is quite nice.
Cons
There is a perception that IBM is less well respected in the marketplace than the likes of Accenture. IBM has a solid but uninspiring image. If you are interested in being in a 'hot' job this might not be for you. The review processes are very cumbersome and promotion requires the filling out of pages and pages of forms to prove the skills you have acquired in your time here. This is all expected to be done in your own time and take quite a while to complete. If you are on the consulting side you are expected to be fully mobile working away from home on average 4 days per week. This might cause issues for personal commitments.