Dell

Has a meritocratic system in place and a great belief in it. Has a very horizontal culture, in which competence takes precedence over title. Encourages people to develop themselves. Great place to learn.

Meritocracy is, after all, fairly subjective.

Career progression (advancements) is usually slow, due to the considerable gap between grades.

Progression can be made even harder if you are stuck with an incompetent manager. The first two points make it virtually impossible to progress, unless you do a lateral movement.

Career progression mechanisms, encouraged by management, encourage peer competition, sometimes to an unhealthy level.

Internal processes have evolved to a point of bureaucracy. An increasingly bigger amount of effort is put into politics (including "cover your ass" procedures), deducted from really productive time.

The company is still struggling to move effectively into a services space, escaping from the mingling PC market. Forays into adjacent markets such as smartphones and tablets have been innocuous so far.