Pros
Excellent Tuition reimbursement program still. Decent pay and benefit package Excellent 401 k plan, and good support for life issues outside of work. Tons of intenal courses and online classes. Lots of potential to lean. The company seems to be heading in the right direction with their fios build, they will be somewhat recession proof. This is a great time to be expanding to new business lines. If you are willing to move around your entire life there are lots of opportunities for advancement, otherwise not so much. Verizon will continue to be a successful company baring it can keep its best employees.
Cons
Everything seems to be on the decline for all benefits, including tuition, health, pension. Over last few years I have seen steep declines in all of these items. I Fear they will continue to head in that direction for quite some time. Verizon needs to figure out how to address these issues to keep its employees. Promotion seems way too tied to who you know, it is almost impossible to get a job internally without knowing the hiring manager. Morale is very low as the company is always going through cut backs, luckily almost all of them have been voluntary.