Pros
Great training ground, well respected in industry, good general business exposure, good training, solid pay & benefits (including sizeable & predicatable payrises), "steady" employment, decent / ethical treatment towards employees
Cons
in the words of a respected ad agency CEO who once worked at P&G "they hire the very best people and then systematically make them very average". Despite all the pluses above, this huge, immobile and slow-moving titan with its processes and rigidity will kill your entrepreneurial spirit. Managers who have worked there for 20 years know more about internal processes than about actual business, because it's been so long since they've been in the real world. A great training ground and looks great on the CV, but get out while you still have that fire / hunger and run some real businesses, or you will be stuck in an ivory tower pushing a pencil, with a steady, solid job and predictable promotions for the rest of your life (great for some, but not for me)