IBM

Variety of technologies and career paths within a company.

Still has a bit of prestige left.

Declining morale, due to continuing and excessive offshoring. Low pay relative to competitors.

Senior management has many skillful bureaucrats and tacticians, but lacks bold vision or courage.

Too many "managers" and not enough "leaders."

Still has very strong core technologies and great engineers, but a whopping 10 layers of management is suffocating any creativity and promotes too much "cover-your-behind-first" culture.

Some recent business and HR decisions have been contradictory head-scratchers.

It is really sad to see a once special company become another run-of-the-mill place to work.

It's still a decent place to work, but no longer an inspiring and exciting company.