Pros
The people at the lower levels. As an engineer I think some of the best reasons to work for ITT is the opportunity to work on a wide variety of technologies. In my business unit, people do have the freedom to work on technologies that they find interesting. Also, the stability of working for the industry leader is nice. In some ways, the benefits are better than any other company I have worked at.
Cons
The level and quality of engineering is overall pretty low, lower than many other companies: many people still use the same tools as they used 30 years ago. Other are jealous of what they know and try not to share it with anybody (job security?!?). Process is very very long and frustrating: with 40k employees, it sometimes takes a week to do a 1 hour job. It all explain why many products are coming from acquisitions and are not developed internally. There is no diversity at all in engineering. Also, from the level of director going up, many are "retired": they are just interested in getting their bonus and consider sending random emails at random hours (with their blackberry and similar) a valid proof that they are working around the clock. There are not many chances to improve your career unless you are one of the boys. It is pretty sick that a lazy PM that has lost tons of money is still around.