Pros
Competitive salaries. Plenty of new technologies to learn.
Cons
If you play their games (blue dollars used on internal tools that don't work but offered by IBM), you'll do great. Management taught to never make waves for fear of career being hurt. Too many policies in place now that only help IBM. 401k matching will only be given in December, if you leave earlier, you forfeit any matching contributions. No matter how long you've worked with IBM, if laid off, you will only be given one month of severance. Used to be based on years of service. These are all smart moves for IBM but eventually the employees understand how little they really matter. If you've worked there over ten years, be careful, you could be laid off only to be replaced by college grads making 40% less.