Pros
It's hard for me to give a review of the company of a whole--I imagine things are different if you're one of the folks manning the phone pool or something along those lines. But, as a very senior computer engineer, I really couldn't ask for a better place to work. I'm a single father, and they have been unconditionally supportive of my special needs--which needs can sometimes be a bit extreme. The benefits are top-notch, and the bonus structure seems to be administered fairly. (A bit of an aside: if you're considering a job with Verizon, let me say that, Yes, you will actually get somewhere around the "projected bonus amount" they promise you most years. I know this was something I was a bit skeptical about, but so far it's come through every year, even in this economy.)
Cons
I think the biggest con with Verizon is that you have to understand how they think a little bit. They are very big on *loyalty*. They expect you to show that you are a company man from time-to-time, such as during the threat of a strike last year. "Not my job" doesn't go very far at Verizon. Also, loyalty doesn't keep them from being a bit hard-nosed (e.g. when outsourcing telephone lines to other companies as they've been doing lately.) However, this is not excessive by today's standards, and they are certainly better than 90% of companies in being loyal to their employees.