Pros
The benefits package is not bad, it's better than not making any money at all, and the name brand recognition is a good thing to have on your resume when you move on to a better company and position.
Cons
Too many negatives to list. Overall just a horrible work experience with low morale everywhere due to extreme micromanagement. I took my job skills elsewhere, increasing my salary from the over 30k I made at Geico to over 65k at my current job, and I'm eligible for a promotion to 75k in Fall 2012. I am well educated and hardworking and I came to make nothing short of a long-term career at Geico but they were more concerned about tracking my bathroom time (trust issues much?) and squeezing every breath I took into something they could quantify on a daily spreadsheet. I am exponentially happier and more productive since leaving that place and many of former coworkers did exactly the same thing.