Pros
There are great employee benefits like fairly low cost health, dental, vision plans. They also have a generous 401k match. A lot of IT people telecommute some or all of the time (Northern Virginia). They offer many vacation days, personal days, holidays, and sick days. There is a good performance bonus offered each year but hard to reach the maximum bonus. There is a robust employee intranet for access to everything you could want dealing with employee resources such as benefits, policies, work groups, etc. They have a generous severance package.
Cons
There are contestant layoffs which creates extremely low employee morale. The pension for the most of the remaining management employees has been dissolved. There are no or few promotions for the current employees. The company has been outsourcing to India or other low cost areas of the world for years which means fewer employees in the USA to do the remaining work and therefore less work is directed towards those resources. Diversity has gone too far because Verizon hired too many Indian employees and they can't speak English very clearly which makes it impossible to communicate effectively. There is no viable career path or no future. Verizon suffers from trying to merge some many telecoms under one umbrella organization. There are so many different systems that have to communicate with one other that it can be rather complex, infective and inefficient.