Pros
With the size of IBM, there are a tremendous number of opportunities available to it's employees which affords a large amount of both lateral and vertical growth for those who are willing to work and schmooze for it. The benefits are excellent with a comprehensive insurance plan and 6% match 401(k).
Cons
Size is a double-edged sword. In order to be recognized among the rest of the go-getters, it's vital to have a manager or mentor willing to champion you. There is a slew of paper work every year to self-evaluate yourself and petition for promotions. It is a constant battle to differentiate yourself from your peers to prevent yourself from becoming another gear with a serial number (every IBMer has a serial number) in the masses. As with all consulting, be prepared to travel 100% of the time and burn the midnight oil when required to do so.