AT&T is a great company, but it's like a tall kid in puberty that doesn't understand how giant he is.
Pros
The company itself allows you to work from home, work from a remote location, or use varieties of innovative workforce management. They'll do things that no other company will; possibly because this company has been around longer than most people have been alive, and there were workforce methods back then (telecommuting being the biggest) that have survived until now. There are a TON of places to go within the company, be it landline or wireless, and I don't think anyone's come close to a salary ceiling yet. The company has a lot of money and doesn't mind sharing it with the employees.
Cons
Because it's such a ridiculously massive clusterfrack of a company, it's really difficult to get anything company-related done. Do you need a job reference? Good luck! Want to verify your employment, for a check loan, or another job? LOL, HAVE FUN. It took me FOUR HOURS to get ahold of a single human person at HR, who then proceeded to tell me that she worked in a different department and that I needed to call AT&T landline HR. She gave me a number that was disconnected. The company is so big that it doesn't know about the other half of itself.