Pros
The best benefit of working at Verizon for me was the 100% tuition reimbursement, which was very easy to obtain. The company paid the costs for classes up-front (I think the maximum was $10K per year) for any accredited classes and we simply had to fax a copy of our grades to the tuition reimbursement office. The company also has a generous health insurance package and competitive 401k matching (I think it was 83%). A benefit for union employees is excellent job security; if you show up on time and don't break any laws, it's almost impossible to get fired from Verizon as a union employee.
Cons
A downside of working for Verizon is the “old school” union environment which seems to prevail throughout the company. There’s a distinct “us vs. them” mentality in which union and management employees resent each other. The biggest drawback to Verizon for me was the lack of career advancement opportunities. Verizon paid for my MBA but when I finished, there weren’t any jobs in which I could use my strong finance skills. With me, the company did a terrible job in realizing its return on investment and I left the company when I couldn't find a new job. I looked at my career advancemetn potential there and decided to leave. Overall, the company does a terrible job in recognizing talent and promoting hard-working, educated folks.