Pros
Freedom to manage work/life balance and lack of micromanagement. However, this positive morphs into a negative: management chooses to simply trust that people will deliver and does not respond to warnings of people-related risks. Anyone raising a risk flag around people issues is viewed negatively, and management loves to shoot the messenger. People know all too well that management will not take definitive action nor hold them accountable, and the result is the massive bureaucratic attitude that has taken over the company. If you want to work for a company where you can hide behind a lot of talk, then you will love working at Dell.
Cons
Constant reorganization creates an environment where people are waiting for the next reorg before they contribute significantly. This results in lack of results. On any given day, you will find yourself in a conversation about the newest reorg rumors. These conversations quickly turn in the direction of "I'm supposed to be working on X, but I'm waiting to see how the upcoming reorg is going to shake out." In other words, the reorgs become the excuse to stop performing for now. And since the reorgs never stop, those who are seeking an excuse to delay (and there are many) have no problems finding the excuse they seek.