The politics. It seems the only way that people move up is to make their sphere of influence greater, not do a good job with what they are already have. So forget trying to get into a job and start kicking ass - its all about managing expectations and having a few wins, and then spinning the results. Everyone takes pride in the company's innovation, but I think we're mostly riding on past reputation, and improving products we already have. While we've done a great job promoting TelePresence, its not exactly a new idea - we just improved on it.
Part of the problem with the politics is that its difficult to move up once you get to say Sr. Manager/Manager level. It isn't clear what the requirements are to develop your career, and people aren't always willing to develop their direct reports for fear that then they'll take over their job.
The boards and councils that drive many of the initiatives are all executive driven, and its isn't clear at all that they are productive. Its tough to get everyone on the calendar at the same time, and it doesn't seem that they want to do any delegating to those of us further down the chain.