Pros
If you are looking to understand how a US based and US managed company runs, then ATT may be a good place. This will allow you to grow the knowledge of how business may be run, no matter if you agree or disagree with the business model, but its what you get out of it. Growth is somewhat limited, as you need to seek out and create your own growth. If you are not in the right location, then forget about moving up. You may end up doing the same job for many years to come, but there may be some pay increases, not a lot, and bonus.
Cons
No promotions, unless you are in the right locations. The politics of what side of the fence you came from, " Legacy S" Legacy T, etc. Always having to find out what is really meant from management through your peers, as there is always an FMP in the horizon. If upper management is worry about their role, you will not be releasable to other jobs.