Pros
Engineering, Reputation and Stability. If you like working at a strong and reputed engineering corporation, Honeywell is good place to be. Honeywell is a very structured environment, and very diversified, which means if you are lucky you could end up contributing to different projects.
Cons
Too many managers. Compensation is average at best. Bureaucratic Management, who's only claim to fame is that they have stuck around long enough to get promoted. The work environment is very very officious and boring. No-one jokes around, there are meeting very early in the morning. Projects usually run past deadlines due to mismanagement. No strong organizational commitment to innovation, but then that's the case with a lot of companies working in the same field as Honeywell.