Pros
FedEx still has many of the benefits that other companies have thrown away, although not as "rich" as they use to be. FedEx Express has never laid off an employee. FedEx promotes very largely from within. FedEx treates customers much better than others in industry and therefore has a brand that gives an employee clout. Most employees get along with each other and work together.
Cons
There is the "FedEx way" and the wrong way. This manifests itself in Purple-Correct thinking. The company doesn't take serious ideas that come from "outsiders" who are hired. Your opinion is valued inverse proportially to the number of digits in your employee number. Except for Fred Smith, no one above the rank of Sr. VP understands the airline part of the company, so airline type issues do not get priority except in the view of eliminating cost. Also, since the company has never laid off any workers, there are a lot of dead weight leeches entrenched inside the company. Lot of people doing their nails in their cubes and taking 20 minute smoke breaks each hour. Finally, if the company's salary exempt pay structure is near immoral. No adjustment for cost of living. Merit increases cap at 3.5% for a 4.0 employee. This causes talented employees to leave while the leaches stay on.