Pros
Flexibility around working hours and locations. Some great people at the middle and lower levels of the corporation, although they usually leave after a few years. I also had one incredible and exceptional boss, who also left of course. I wish I could say more good things - but that was about it in my experience. However, I have heard good things about the company's Agriculture division (where I didn't work).
Cons
Where to start? The division where I worked had no strategy, partly as the result of years of cost cutting and under-investment, partly due to a lack of industry and customer understanding, and partly due to a management culture that emphasizes conformity and analytical skills over creativity and teamwork. By the time I left, trust in divisional and senior management was at very low levels and so many people had left or been fired that it was difficult to see a meaningful future for the business. I was also concerned that I wasn't going to learn much. With one exception, the business' current leaders (at least in my area) were kind of nice but stunningly mediocre thinkers. They also knew nothing about their customers or their customers' businesses and weren't interested in them. When I offered to lend an important (and short) industry article to Someone, the response was "Nah, that's what I have you for." The contrast between FMC and my current employer in this respect is staggering. One of the saddest things of all is that I never heard anyone in HR or management use the word 'teamwork' other than superficially. It was all about 'leadership' and the individual. This emphasis led to a lot of very silly meeting behaviors (one-upmanship, talking for the sake of talking, putting down others to enhance one's own standing, etc). Again, where I now work is a huge improvement. If you like highly political, inward-looking environments that emphasize style and self-promotion over commercial flair, technical skills or ability to drive results, you will love this place.