Pros
IBM supports a very flexible work schedule, focused on getting the job done rather than what hours were worked during the day. Also, many jobs allow for some, all, or as-needed portion of the week to be worked from home at the employee's discretion. Vacation time is self-managed and also very flexible. The work environment (at least in Austin) is extremely casual. There is a mind-numbing array of resources available to employees from freely available records detailing corporate policies, HR records, IT systems, capital requests, tools for managing corporate charge card, tools for booking your own corporate travel, on-line libraries, surplus stores, education, book ordering, volume printing, recreational activities, parks and facilities, etc., etc. IBM also rewards innovation with awards for patent contributions.
Cons
Resource reductions without backfilling (at least in North America) leave too few resources overcommitted and burnt-out dreading the yearly review cycle.
Intranet search bites (i.e. while there are a mind-numbing array of services available, finding them is never easy).