Pros
Brand recognition, history, stability, integrity, commitment to technical excellence. Portfolio of capabilities is comprehensive and market leading. I have had over 7 managers during my time at AT&T, and have had very good experiences. All without exception have been considerate and flexible regarding maintaining a good work/life balance. All have been very accepting of virtual office work. Basically, most management works VO at least a portion of the time. It does not really matter where you are, as long as you are reachable and responsive via email, phone and company IM. My management and colleagues at AT&T have been exceptional with regards to treating people with fairness, respect, and acting with integrity in dealing with each other and with customers.
Cons
Since the merger with SBC in 2005, bureaucracy slows down innovation and makes it difficult to react quickly to market changes. Processes can be unwieldy - they are standardized across many products that often have very different needs. Since we are now so big, it is difficult to keep up with the latest on specific resources and information on processes and tools. Employee morale has taken a hit over the last several years of continued downsizing and potential layoffs. Benefits have taken a big hit over the past few years. On one plan, a family of 4 pays over $300 per month with a deductable of $11,000! It used to be no charge, no deductable, just co-pay.