Pros

1) Good Work Life balance.
2) Strong Brand name - looks good on Resume.
3) Access to IBM Software and Materials e.g. Websphere, Db2

Cons

1) Promotions are rarely given out (Especially if you started as a graduate)
2) Pay is well below market value (Especially if you started as a graduate)
3) Managers are usually in another location (or even interstate) and have no visibility of when you do good work
4) Technical Staff are not appreciated - End of year awards always seem to go to management and sales staff.
5) Performance ratings are done on a curve amongst your team (so it's not how well you do, but how well you do compared to the rest of your team.... and if your manager sees your good work)
6) Skillset is boxed into a particular IBM product e.g. Tivoli, DB2 etc. Little opportunity to cross skill in other areas.
7) Too many jobs being taken off locals and sent offshore.

Advice to Senior Management

IBM has annoyed a lot of employees, who eventually leave the company. Consequently they harbour much anti-IBM sentiment, and when they make decisions in their new companies. I deliberately do not give any business to IBM, and when we do have to work together I never do any favours for IBM or their current staff. Many other ex-IBMers do exactly the same thing.