Pros
Salary is good if you started a long time ago and worked your way up. 401K is good - match of 80% on the basic 6% contribution (that's better than the 67% from the old AT&T). If you are lucky to find yourself in the AT&T Labs unit, there is still interesting work that does not get outsourced to IBM (like legacy projects) and then end up in India.
Cons
These Texans (new SBC management) are some serious bunch of bean counters. It seems as if the only thing that matters to them is process and measuring it. Processes change every 1.5 years. Those are the guys that have job security. They have sucked any kind of creativity and enjoyment completely out of software development. They call us software developers "factory" - it's even in their ridiculous online training. Project Managers are valued - but worked like dogs. Benefits packages are declining every year, but I guess that's the way things are going with all large corporations in this global economy.