Pros
The work is challenging, the company is financially stable, this is a global company, and the company is among the leaders in the markets it serves. There are lots of opportunities to make a contribution. Management is making a concerted effort to improve work processes, to increase the focus on customers and on doing the right jobs in the right way. The company supports telecommuting and other accommodations for people who cannot (or prefer not to) work 8-5 five days a week.
Cons
A lot of activities have been outsourced to India, such as software development. This limits job opportunities since some career paths are not available to people from North America or Europe. The company is large with a lot of overhead, and will never be a nimble, Silicon Valley startup. The global presence means that it is easy to work odd hours, such as early mornings or evenings. Certain jobs require a lot of travel. There are occasional rumors that Honeywell will sell all or part of ACS, which would likely result in major dislocations.