Pros
Good work life balance and schedule flexibility. Able to work from home or any where remotely. A lot of varied projects going on, cool technologies. Opportunity to attend and participate in many conferences and learning events.
Cons
For one on the non-engineering track anymore, it was hard to secure a permanent position ( I was in the 3 year temporary positions). They were hiring engineers like crazy in my area but laying off non-engineers, bringing back some positions as contract only. I wasn't eligible for raises or bonuses in my classification, but if I had secured a regular FT position, I am sure the compensation would have favored the SW engineers. Constant re-orgs; I was only there 30 months and was part of three re-orgs and had 3 managers. Mad men mentality and acceptance of sexual misconduct by the senior staff. It seemed all the VPs and almost VPs had girlfriends they traveled with (IBM employees) while still obviously married. These were very visible IBMers, think headliners at conferences. I found this very nasty and backwards, and I think it had a negative impact on young engineers wondering how they advance as they saw these girlfriends get prime assignments and travel to all the best conferences.