Pros
Procter and Gamble is a great place to work. People are willing to help you learn and will give you challenges quickly. P&G is a very ethical company. There is lots of support for "doing the right thing". It is one of the few companies left to promote from within. Because of this philosophy, there is lots of "bench strength" at P&G with there typically being 3-4 people who could readily step into any difficult role. The culture of how things are done is very entrenched although people in the company would tell you that P&G is very different from what it was several years ago.
Cons
Because there are lots of people who are very skilled, you have to really work on being noticed and tell people that you are interested in the next level. Unless you want to be in Cincinnati, you will have to move to various assignments to continue your promotions - which can difficult for your family. P&G generally has good people, but it can be difficult for an outsider to learn how decisions are made since they can be made by consensus of a group, may require a particular leader to agree, etc. Different divisions are completely different in how they are run with regard to money (i.e. - businesses that make a lot of money aren't used to how to cut money like other divisions).