Pros
Procter and Gamble is a large stable employer who does not lay people off or fire them (even if they're incompetent or lazy or both). They have some very well developed systems which are quite invovled to learn but give people good training in running a business. Very disciplined organization (bordering on the Gestapo). Seems to genuinly care about their people.
Cons
Very autocratic and bureaucratic envinronment. Politically is very hierarchical. Talking to anybody above your boss could be cause for career suicide. People work there their entire careers - so perspective of the outside is lacking. They not only don't embrace change - they recoil from it. Lack of any professional development. P&G does not encourge people to participate in professional organizations or professional development. This has led to loyal employees who are clueless to what's going on in the outside world and how to best adapt to it. Many employees view P&G as it's own little world from which they choose not to venture out of.