Pros
Good name to have on resume and decent pay P&G is a good place to learn new skills in your chosen field An opportunity to work with smart people You will be exposed to product launches and actions you can observe in the field This truly is a good place to learn (both the good and bad of corp life).
Cons
Up or out culture creates a very competitive and cut-throat atmosphere. Promotion is based on politics more so than merit as most people are very bright here Outside work experience is not valued even if for another F500 company Work life balance is poor. Plan on working hard and long hours. It's all about fitting a mold. You have to conform. They don't call them Proctoids for nothing. If you don't conform but are smart and a good worker you will still be forced out. You have to build a support network to survive as you will need to interview for a new job every two years unless you are top 10%. If you don't get one you are out. New people are constantly being brought in from top schools and outside. Given there are a finite number of jobs someone has to go. It is the pyramid principle of up or out. At each level you go up expectations increase. Ratings are done on a forced curve basis. This is usually not an issue but when everyone is bright it becomes one. Think of it as a very tough curve with mean set at C. Bottom 10-20% are gone. Learning is by failure not by teaching. Big brother is watching as you fail. You have to move often and when they tell you to. They don't care about spouse, family etc. Their goal is to make you insecure so they get more work out of you. Penny pincher company. Very stingy for expenses, office furniture. Plan on small cubes. Everyone sits in a cube, even GMs and VPs. If you come in through an acquisition you will be shown the door sooner or later. Only homegrown Proctoids are valued. I have seen this in several acquirred businesses.