Pros
The "people-service-profit" policy that puts people first in decision-making. As stated in the early days, "Take care of your people, and they will give good service, and that will lead to profits." As a corporation, this emphasis has to some extent been watered down, and the focus in taking care of people has been on providing top-notch benefits, rather than on managers treating their employees well. However, the majority of management does treat employees well. In fact, the higher in management, the nicer the person tends to be. Upper management largely comes from within the workforce, and attempts to stay connected with the workforce.
Cons
Like any large company, there are pockets where working is less pleasant than others. Even with a strong "people first" emphasis, there are instances where a bad manager becomes entrenched, or where policies don't seem to support people. It's such a huge company that at times, the decisions may seem to be disconnected from the needs of one area or of one group of employees. That said, the policies are heavily weighted in favor of employees, rather than management, and any employee who feels that they have been treated unfairly has opportunities to be heard by upper management, who are often more sympathetic to the employee than might be expected.