Pros
Great co-workers, good challenges, great learning experiences, flexible work hours.
Cons
The politics has become stifling. Constant re-orgs don't allow any time to adapt to new playing field. Senior management has lost its attention span. You can work yourself to death expecting compensation or advancement, but those opportunities are evaporating rapidly. The promotions are based on who you know rather than what you know or how hard you work and you'll get lame excuses when you ask why. Hiring contractors is more important than retaining high performers and having actual continuity. The whole atmosphere has become very demotivational this year especially. Infighting between groups is also on the rise probably because after the recent round of re-orgs nobody knows who should do what any longer and its seen as an opportunity for empire building. The corporate interest in being seen as positive part of the community has employees out doing charity work on Pepsi's behalf rather than doing their real job and making things work inside the company. The focus on management buzzword fads du jour has really gotten silly lately too. They don't actually pay attention to what those buzzwords should mean, they just love to spout them and sound all corporate positive.