Pros
The pay is good. For long time employees, sticking around until you make your numbers is key, as the payoff is big. This is no longer the case for new hires, and HR/senior management has ripped this perk away from management employees, although most union employees still have a pension benefit. Most senior skilled people are holding on, waiting to make their numbers so they can skip to a reasonable company that values employees and treats them like a real resource, not just a cost to be cut. We also have some very cool technologies, and are cutting edge in several areas. Very good place to work on some hot areas where a technical person can have an impact. We have some very good managers. Finding and working for one is key.
Cons
Absurd panic by senior management trying to manage a dying wireline business driving poor decisions. Impacts employees on every level in day to day decisions. Mid- and senior-level management more worried about getting credit and building empires than doing what is right for the company. Huge internal wars, and an IT dept that is out of control and very disruptive (not in a good sense). Some areas of the company (IT in particular) place unrealistic, and IMO unfair, pressures on employees in terms of time and stress. My comments apply to technical and corporate jobs only, no idea what life is really like in business units or as an associate employee.