Pros
P&G is one of the best marketing and market research companies in the world. They have a phenomenal training program to make you a top-notch marketer or researcher. They truly believe in finding smart people fresh out of undergrad or grad school, and then training them the P&G way (which has proved very successful). They also have some of the best leadership of any company. I think there are more CEOs in the US who came from P&G than any other company. And Lafley is definitely among the top with how much success he's had since he took over. He has not only improved the company financially, but he also implemented several programs that help drive the entire business around the consumer.
Cons
It is a large company with a lot of very talented people and it is sometimes hard to shine among a lot of stars. It is also a little bit slow and bureaucratic, which can be frustrating at times. It is a very collaborative company, but sometimes that means there are too many cooks in the kitchen. And it is also a very data and consumer drive company, but sometimes that means no one knows how to make any decisions without asking the consumer first. In some cases, decisions need to be made quickly and you can't always have tons of data for every single question.