Pros
Many teams encourage job changes every 12-18 months. At the individual contributor level, it's easy to get experience in a range of groups (e.g., sales, marketing, brand, product management). Pay is, for the market, relatively good. Some managers and groups are excellent.
Cons
1) Re-organizations have become a fact of life, many for no apparent reason or benefit. I've gone through ten in six years. Each time key talent has left the business, and along with it much tribal knowledge and insight. 2) Management quality is very inconsistent -- some groups have committed and professional managers, others have poorly trained and inadequate management. 3) Oddly, corporate culture inside Dell is a hodgepodge, I've worked in five groups and each one had a different view of work/life balance, innovation, customer focus and business acumen. Some had very high standards, others lacked any insight into excellence. 4) It's become increasingly bureaucratic. Tasks which once took days now take weeks. 5) There's no shortage of good ideas, but a huge gap in follow-through. Everyone at Dell can describe initiatives that last a quarter (or less) and then disappear. Projects come and go with no rhyme or reason. Managers fail to complete tasks they're required to do every year. 6) We're all waiting for another reduction in force.