Pros
If you are good at what you are likely to survive business downturns. The company is big enough and financially well run that it is insulated from sharp fluctuations in staffing. Once you establish your reputation as a reliable employee who continually produces good work your managment is likely to allow a lot of flexibility (work from home, childcare emergencies, doctor appointments) However the work has to get done regardless of the flexibility. And there is always way to much work to get done.
Cons
It's a tough place -- there is always more work to do than is possible to get done by the individual contributor staff. 50 hour work weeks are the average. Product Development is middle and upper-middle management heavy, so there always seem to be a lot of management telling a few people to get the work done in a unreasonable amounts of time. You are expected to be 'always on', early meetings, late meetings with India, on chat, available by desk or cell phone. Bonuses have gotten smaller and smaller until they have almost disappeared and less and less employees get stock options. Oracle employees are often laid off to make room for the employees from the many companies we acquire. Career advancement is restrictive, we already have too many managers and they do not have a good path for individual contributors to continue to advance