Pros
If you want to be a cog in a (now, again) giant machine, AT&T is your place. They do have (IMO) a good benefits package--just hope that you don't get any stock options, as all of mine are underwater. If you can find the right boss--there are some here--you can excel, you get the wrong one you'll be sorry you ever came here to work.
Cons
Upper management lacks any creativity and chooses to lose money rather than listen to a single money-saving idea from their employees. If you like to work in IT, don't even think about working for this company in California. Apparently CA and other states have been put on a hit list within the company. It's looking more and more like AT&T was purchased by Bell South (not the other way around), so if you live in any of the southern states you should be just fine. The company treats customer information with the highest respect--unless you're suspected of being against the US government (I can't respect this company now by the way they have given our rights away). If you want training, you'd better get it on your own as there is none here. Want to finish college while on the company dime? Forget it. They will own you for the pittance they will give you to take a course at a community college. The only training you'll get for free is on overly bureaucratic software development methods and procedures that will eventually change before the year is up--and don't worry since they won't be followed by leadership anyway. Get to know the phrase "needs of the business" as it will become a staple of your vocabulary when working for AT&T. "You need to cancel your vacation since your project has just gone over budget and behind schedule since the M&Ps weren't followed by the client." Needs of the business...sorry. "We're laying off your support staff, but your workload will increase." Needs of the business...sorry. "You can't work from home even if it's easy to do and makes sense financially for you." Needs of the business...sorry.