Pros
Easily one of the best places to work if you're interested in learning how to manage people. GE basically wrote the book on people management (and for good reason). It's been around on the NYSE since it's inception and makes a huge effort in developing future leaders. Great company if you're a more seasoned professional in Finance, Legal, or one of the hard Engineering Sciences (Mechanical, Electrical, Material).
Cons
Software Engineer and Computer Science employees are quite often referred to as simply "IT". This can be very troubling if you want to develop great software products or simply be on the cutting edge of technology. Very bureaucratic, often to the point of reduced productivity. Definitely a management culture and not an engineering culture.