Pros
P&G is a company that places a lot of emphasis on people development. There is a large focus on training-professional and personal, developing leaders, good managers. The company has some of the nicest people working there, maybe because of its Midwest location - this is sometimes good/sometimes bad. The review process is very thorough and a lot of it is focused on your personal skills. There is a lot of focus on work-life balance, with people having the opportunity to work from home/part-time or bring their kids into work if need be. P&G has plenty of people who have worked there for 10+ years. Benefits are great, although there is no company store in Cincinnati. But P&G does send every employee a very large box of P&G products during the holidaytime. These products just happen to be the ones the company has a hard time getting off the shelves in stores! Having the P&G name on your resume is golden. The P&G reputation is great not only in the consumer products industry, but in any industry.
Cons
Middle management is overly large, with many of them just sitting at their desks doing nothing. This may be because the tasks given to employees are very specific. The pace of worklife here is slow and fairly boring, with many hours spent surfing the web because of the lack of work. Promotions seem to based on how long you have worked at the company/connections at the company, rather than actual work. This being a very large company, it has a 'large company culture' with your share of politics and getting "buy-in" from 20 or so other people to make one decision.