Pros
more than average vacation days , the pay is ok in comparision to similar functions in other major companies . A lot of freedom to origanise your day to day activities and a good work/life balance . there are bonusses and stock options but usually only for manager and higher levels . . . . . infrastructure ( offices ) are also ok , usually pretty recent material to work with and do your job.
Cons
You're just a number. don't expect any job satisfaction or recognition from mgmt . Technical people are highly underestimated and the company is becoming more and more US centric driven . All decission power is slowly moving toward North . America and the rest of the world just have to follow . Lots of outsourcing going on of cricital IT tasks, probably and empty shell will be left . J&J seems to excel in attracking good skilled people and then leaving them to waste away (no technical carreer paths or recognition, etc ...).