Pros: IBM employees still have a good reputation, even though management does not.

Cons: Executives have totally rejected the values and principles of the Watsons. People are not valued, and short-term profit is pursued by cutting quality, service, and skilled employees. Effectively no raises for most US employees for the last decade, except for executives. Bloated bureaucracy with five to six layers of vice presidents (out of eight to nine layers of management) between the average professional and the CEO. Just when it seems morale can't get any lower, executives find a way to knock it down more. Withholding 401(k) match is the latest scheme.

Pros: IBM is a huge company, and because of that, there are many opportunities for long-term employees to go overseas to China or India, which are the only growth areas in IBM. They offer decent salaries after 20 years.

Cons: They are working towards a $20 per share earnings target by 2015. That has resulted in very deep, often ill-advised cost-cutting. There is no incentive to work hard, and the bonus salary plans have been gutted to meet the 2015 goal. Employees come last at IBM; don't ever forget it.

Pros: Great opportunities for promotion and education. You could move up or stay in your position. When I was there, from 1995 through 2003, management encouraged upward mobility.

Cons: It's very difficult to get a decent pay raise due to pay band compression. New hires were frequently given higher salaries over established, more senior workers.