Pros
I've never seen a business where information is shared so freely among co-workers and teams. It's a very entrepreneurial company, so you can really mold your experience here depending on what you are interested to do. The majority of managers are very supportive to enable you to get what you want from your job and experience with SAP, and with its German heritage, work-life balance is usually very good (e.g., vacation policy, sick days, flex schedules). There are virtually never layoffs... the Board goes to great extremes to find ways to prevent this, and even acquisitions don't always result in mass layoffs. I've been impressed at their handling of the company finances, especially during the recession. I work with an amazing group of people who really care about our customers, their work, and the quality of our software. I'm very proud to be an employee, and I understand why so many people who start as customers end up working here.
Cons
As a German company with a works council, "down in the weeds" you can get people who are difficult to impossible to move out of their job into something more appropriate. These aren't always slackers - sometimes it's just a bad fit personally or skills-wise, but this is the flip-side of a company where almost no one ever gets fired. SAP is a huge company, and making a change here is like turning a cruiseship - it doesn't happen fast, ever. So it can be frustrating to feel like we can't be as agile as other companies when we need to be.