IBM

Cutting-edge technology (CMOS H/W), very talented engineers, and great, grand projects. There are some really smart people here, both in the development teams and in research. It's great to have a research team to help tackle really difficult problems.

Also, generous vacation (though you can't always take it and you can't accumulate it), and flexible work-at-home deals depending on your area. Decent initial salary.

Compensation is poor. Once you're in, raises are non-existent or really small. The same goes for bonuses, and that's for exemplary performers.

Promotions are very rare, particularly for the technical team.

Management is odd: 1st/2nd line managers spend most of their time trying to be "Project Managers," not focusing too much on actual management. There's a project management hierarchy that overlaps with these first lines and adds little value (though that might be the best career path).

Zero training. Zero travel.

Development projects are overbooked. IBM is really pushing off-shoring to India. You have to do your job, plus train a team of Indian developers.

Middle management is pretty bad; they aim to please Sr. management and customers, without consideration for their team.

Sr. Management reaps millions, off-shores, and lays technical people off. There is not a good connection between the team and Sr. Management. There are 7-10 levels of managers in between; it's too much.

You have got one of the best resources in the industry, in your team; you should treasure it. Focus less on profits and shareholder value, more on building the business and team.