Pros
It's an iconic brand that will hopefully continue to have a place in the market. At one time it was THE place to work. If you live in the city, it's nice to have an option to work in the city. There are still many qualified and team oriented people in the company; the type of employees that are a pleasure to work with.
Cons
There are continuous reorgs year after year with continuous, conflicting changes to company direction. They just can't seem to define the direction of the company. They tend to lay off the best people managers while they keep the poor decision makers and poor people managers that got the company in this spiral in the first place. The culture is not currently employee friendly. Many areas are vastly understaffed, so the work load is daunting, with no positive rewards. The rumor is that they are preparing to sell the company in the next two years.