Pros
Lots of reasons but here are my top 3: (1) It's a company that develops leaders!! I've heard that army is the 1 place to develop and build leaders, and that P&G is second. I haven't been in the army but can definitely vouch for P&G. Being great at strategy is nothing if you can't lead and inspire a team to deliver it. (2) Belief that people are the #1 asset - Sure there are some instances when you don't always feel it, and there are slips, but there is definitely a constant effort to keep this going. (3) Your success as a manager is only as good as your success at developing people. In no other place have I seen this to be more real. 50% of my evaluation is business results, and the other 50% is how good i am at building and developing my team.
Cons
Again, I'm very used to the P&G 3 key points. So here are my top 3 downsides: (1) Generally a risk averse company, so there are LOTS of processes to help mitigate risk which take time to take things to market. Yes, its good to be prudent, but not if it takes forever and by the time you launch, competition and everyone else has beat you to it. (2) Doesn't really foster great experimentation / innovation. If you want to change things, you better be prepared to fight fight fight, rationalize rationalize rationalize, lobby lobby lobby! It will get there in the end (it's been done before, but please be patient). (3) We work like investment bankers/consultants, are in fact probably even more accountable (ie. we don't pass on decisions/risk to clients), but yet we aren't paid as much! (3)