Pros
P&G is a great company to start your career. The experiences and knowledge by working with others is incredible and will only pay dividends for the long term (within P&G or elsewhere). There are many types of positions given the size of the company and they make sure people move around to new roles to keep fresh thinking in the organization.
Cons
P&G is a slow turtle. It takes time for career advancement and people tend to get promoted based upon "playing the system" or because P&G is trying to meet a diversity quota vs. driving business results. P&G is also very process focused creating an environment of "red tape". A common phrase on how P&G operates is "Ready, Aim, Aim, Aim, Aim, Aim........Aim again, Aim, then Fire". Given the conservative nature of the company, ideas, career progression, and business plans take awhile for execution and must be reveiwed several times for approval.