Pros
It is a great international corporation that is very well respected and with an amazing CEO, Indra Nooyi. PepsiCo's Marketing / Brand Management is some of the best in the U.S. and internationally. I was at Pepsi for 3 years and learned a lot about how to build great marketing campaigns. Also, Pepsi's HQ campus is beautiful and they have half day Fridays (leaving at 12:45pm) over the summer and during the Winter holiday season. If I hadn't wanted to move back to a different state to be near my family, I would've stayed at PepsiCo for many more years!
Cons
It's too cold in the winter for the warm-weather types like me!... Sometimes work can be a bit too much (there is a lot of it). But, that's a fact of working in the corporate world. Also, I got one bad manager (out of three). Unfortunately, the manager's lack of good supervisory and leadership skills slowed my career advancement and tainted my view of the company in a negative way. Once I seaked HR's help though, I was quickly reassigned to an (overdue) rotation in brand management reporting to one of the best managers I have ever had and well on track for promotion.