Pros
The salary and benefits are generally good. If you are a Manager, Project Manager, or Business Analyst in software development you could have a future with Verizon IT. But be prepared to work in a potboiler of an atmosphere that is wickedly political due to the ongoing downsizing and offshoring.
Cons
If you want to work for a company that has a culture and values its people, Verizon is not it. At least not the U.S. based IT group. Look instead at the companies that regularly top the "best places to work" lists. There is no longer even any pretense of work-life balance at Verizon. The notion is not even raised any more, except by the naive. If you do not have the luxury of selecting from many employment options, and are pursuing the "any port in a storm" approach, you will most likely be satisfied with your Verizon salary and benefits, at least until you've had enough of the disdainful management attitude and dysfunctional work environment.