Pros
Global scope and competent senior management provides tremendous opportunities for career growth. The strong heritage of the company provides a focused training program that helps new hires learn the business from the ground up. There are many opportunities to relocate as employees take on additional responsibility (although this is almost exclusively at the management level - including junior managers). Conservative management and culture is refreshing for employees who value stability and steady growth. Very sensible management team, not willing to be swayed by current fads and trends.
Cons
Pay is below industry standard (in an industry that already provides modest compensation). For some, it may ben a downside that opportunities to advance require they relocate frequently (>1 time every 3 years or so) to learn about different businesses. Slow to adopt new technology, viewing may I/T updates as a cost, rather than a tool necessary to respond to customer needs (though this may vary by BU).