Pros
I've worked with various GE business for 25+ years and have had amazing opportunities, successes, and career highlights. I've also been incredibly lucky. Overall GE has great people. There really are no slackers, although you will of course come across sociopaths here and there, especially those on the fast track. Try to avoid them. Enjoyment of one's work at GE (or anywhere) can very much depend on the local team dynamic and the skill of the local leader to nurture and energize the team. Vacation policies have improved, with Senior Professional Band and above now on permissive leave programs where one is simply allowed (with manager approval) to take the time off they need. Note that this works well when the employee is comfortable taking time off and the manager agrees with the amount of time off that the employee wants, but I fear that many younger employees may be afraid to take time off if they think it might make them look less dedicated than their peers. If you have any concerns, my suggestion is to find a mentor to coach you in this. Folks that have been around a while are well-calibrated to how much time off is reasonable.
Cons
Surviving a career at GE involves dodging a lot of bullets. While this has become somewhat normal in corporate America, GE was among the first to perfect the art of shedding large masses of people. GE makes proud claims of being a meritocracy, but most job loss events are unrelated to performance. If you are in a business that is doing well, you MIGHT be okay but even then there are too-frequent seismic shifts. Several times in my career I created amazing teams with clear purpose, uptake, and customer impact, but constant change always seemed to disrupt forward momentum short of the potential. Of all the people I've worked with, I would say that ~80% were pushed out for one reason or another. Very few make it to natural retirement. GE still CAN be a good place to spend a few years, but is probably best viewed as a launch pad. Finally, while salaries are fine, GE's healthcare benefits are pretty bad, and retirement healthcare benefits are simply not affordable (but most won't retire from GE anyway). Note that as of this review (August 2017) GE is in the midst of significant turmoil due to: (1) financial under-performance; (2) activist investor pressure; and (3) change in CEO. It may take a couple of years for the new CEO to get things back on track, and I suspect the process will involve substantial change.