Pros
GE has a strong reputation for producing engineers capable of managing projects. Most the work involved managing a project to some degree, which is useful experience. For their Edison engineers, they offered a strong training program that included leadership workshops through corporate. Most employees seemed to care about the job they did. That being said, most do the 8-5 routine.
Cons
Red tape and uncertainty of what the future will hold about sums up the cons. Given that GE is a large company, it can be very challenging to get things done in a timely because of all the paperwork and approvals required to make a change to anything. I worked at GE Consumer and Industrial and at the time corporate announced C&I would be up for sale. When corporate couldn't get a good offer for the business, they decided to spin it off. After I left, I believe they decided to keep the company until the economy turned so they could sell it for me. Rumors of a sale of C&I have been around for years and won't be be gone until a sale does happen. It seemed like much of the engineering work was being outsourced to India. Almost all of the CAD work is done in India. They also have a program that brings engineers to India for rotations. I certainly got the feeling that company was in the process of handing over much of the engineering work to India. Since there are alot of engineers in India willing to work for a lot less than an American engineer I would expect this trend to continue