Pros
Ericsson is a steady company that once managed to barely survive from the internet bubble and did their homework to have now a solid financial position. The company offers global opportunities for those who are outstanding. Salary and benefits are competetitive, though don't expect to get rich fast there. Overall, what I like the most from Ericsson is its core values. Everyone is treated with maximum respect within the company and people in general contribute every day. It is a nice place to go to work every morning and I definitely recommend it to anyone.
Cons
Ericsson is leading the telecom gear industry. As any other leading big company, decisions tend to be slow. Company strategies are mostly defensive and it takes a big effort to change things. While the company keeps investing heavy on technology leadership, there are little opportunities for real innovation within the company since there are too many corporate filters for resource and budget management.