Pros
+ Great free lunch at the Palo Alto office with daily specials; it hasn't gotten old for me even after several years. + Great work-life balance which I imagine partially comes from the company being German and not American. + Competitive pay for technical roles. + All my managers have been very understanding. + Doesn't have the weird cult mentality that inhabits a lot of Silicon Valley tech companies. + My projects have been varied and relatively interesting.
Cons
It's a huge company, and your experience is likely going vary widely based on the team. Also, it's an enterprise software company. SAP's software is used by an insane number of businesses, including major names, but it never really feels that way because enterprise software is inherently behind-the-scenes. Few people will find what you're working on to be interesting.