Pros

Great people.
The company looks good on resume.
You can be involved in quite different projects - many global.
Good place to get global experience.

Cons

Very little advancement, promotion, or recognition of individual talents.
It's who you know, not what you know.
Middle management has been promoted based on seniority and have very little mobility up or lateral.
I have seen one young individual contributer promoted into management in my 8 years, and I have changed two business units during my tenure.

Advice to Senior Management

Hire competent middle management. Promote within.