Pros
Global company with excellent cross-functional opportunities for talented individuals. Good networking and performance give you opportunities for advancement.
Cons
Forced distribution on performance ratings/promotions does not always reward the worthy employees. If you have talented peers, then your chance for promotions and "exceeds expectations" reviews is diminished. Another difficulty is if you get promoted faster than the pay grade system operates... Many upwardly mobile individuals end up perpetually underpaid because they advanced too quickly. In most cases, an external hire could get a much better salary for the same work, giving rise to the commonly used quote "Dell is the best first and third job you ever had." Pay people based on the work they do, not on their previous pay grade.