Pros
As a virtual employee, I was able to work from home for 8 years, which was great. None of my managers ever tracked vacation time taken by Exempt employees, so there was some flexibility there. I frequently got to be part of large, national/global initiatives, and this was valuable, educational and interesting.
Cons
Xerox is top-heavy, so advancement is practically impossible unless you're a minority. Excellence is not rewarded, playing it safe is. There's constant turnover of management, so each time a new manager comes in, all projects and initiatives get changed whether that's best for the business or not. Plus, each time you get a new manager you start over again on that relationship, and they always say they have to wait 6-12 months to re-evaluate promotions, and by the time you've waited, that manager is gone.