Pros
P&G has wonderful brands and the scale necessary to compete in all the categories in which it competes. It is a great place to learn about world-class strategies and tools. If you can get an entry-level job (which is very competitive), then you have the opportunity to get exceptional training that will prepare you well for a career at P&G or other companies.
Cons
Very insular culture - you must come in at the entry-level ground floor to be eligilbe for advancement. Employees who come in through acquisitions find it difficult to be taken seriously by arrogant managers who think the P&G way is the only way. It is extremely difficult to join P&G mid-career - they like to promote from within. P&G has bloated support functions (compared to other competitors) staffed with people who seem a little too secure and comfortable to really care about good service and support.