Pros
in the early days the company rocked. lots of fun and take on the world mentality. as it grew, it became less of a place you wanted to come to work to the point where it was absolutely no fun. the stock upside was gone and the pain/gain ratio was imbalanced. i had 17 bosses in my 7 years there and only 1 was left 6 months after i did. i agree with the posting on the ex pat side. i was one and had to fight tooth and nail for a decent position when i came back. no one in dell us marketing thought the international experience was worthwhile. that initial manager i reported to only survived 3 months at dell!
Cons
lack of strong middle management. think about this...of all the great tech companies, IBM (numerous), TI (compaq founders left TI), Intel (numerous), etc... who had managers leave, no single great company has emerged from a person leaving dell.