Pros
The industry and the company doesn't feel to be as up-and-down due to the good diversification among the portfolio of products (Honeywell as a whole); however, how Honeywell does in the bad economy is yet to be seen. Honeywell is a great company to work for to bolster your resume and gain experience (as you'll be working hard).
Cons
Honeywell is a culture stuck in the "we've always done this and it's the best way" company. I haven't seen much openness to change or improvement of the current ways. Management doesn't seem to value employees as people as much as commodities. Work-life balance outside of emergencies is non-existent. Salaries are low compared to industry (for my role) as compensation is done "on the cheap". Jobs have recently been sent overseas and budgetary spending is not done wisely. VERY metrics based organization. Goals seem to be constantly moving, as even meeting or exceeding goals is often met with "we need more" and very rarely a "good job". Even people hired in the past 2 years have been on a revolving door as people come and leave the organization often.