Pros
The amount of technology information available to IBMers is staggering. There is a plethora of directions to take your career if you want to change directions while there - and IBM management encourages you to move around if that's what you want. They have also been on a years long acquisition binge that provides constantly new fertile grounds for review and possible exploitation.
Cons
Middle management often does not listen to first line management about what is going in in the trenches. This leads to some glaring inefficiencies IBM will take as much as you can give (nothing wrong with that to a point) but they will not think about how that is affecting your life - EVER! (Well your immediate manager might, but likely will be helpless to do anything to ease the pressure) IBM seems to be on a slow road to ruin where cost cutting is concerned. Over many years they have repeatedly demonstrated that the employee is not that important, reducing or eliminating one perk/benefit after another, and now standard severance pay is one month!