Pros
The pay is good, I've gotten some bonus and some raise every year that I have been here for the past 5. Opportunities to meet new people, to get involved with different initiatives throughout the company I do work some long hours, but really no more than at any other company - I think there is flexibility if you need to get errands run, etc, although I would guess that it all depends on the manager.
Cons
There are definitely a lot of politics going around, and if you want to take your PepsiCo career into a new direction, you have an enormous uphill battle in terms of finding an opportunity, getting experience, asking to be considered, etc. Company is fairly archaic in terms of technology and collaborative tools available for employees. There's a push to change that, but it is very very slow.