Pros
Good benefits, lots of different job opportunities for internal hire. They're very good about giving people time off whenever needed, and probably the most flexible company I have worked for in terms of work/life balance. The science at Abbott is cutting edge, and there is definitely a sense of company pride in the accomplishments of the R&D organization.
Cons
Extremely poor communication from senior management. Being a fantastic liar is a job qualification to become a corporate officer. If management decides to sell a $9 billion division, having hundreds of people change all their benefit plans, sell houses, retire etc..... then decides to cancel it and tell them they are highly valued employees, they should not be surprised when people don't believe a word they are saying.