Vantaggi
Still some good people left, and good technology. I worked for IBM for many years, and they gave me a lot of good opportunities. The technical vitality is/was unmatched - there are some really amazing tools and applications developed by people pretty much in their spare time which could easily spawn off a startup. Yet the employees just do it for free. And management hasn't figured out how to put a dollar value on that.
Svantaggi
too much management, too few people left who actually do stuff. Morale is very low after many rounds of layoffs, and incompetent management. I in the past few years, things declined rapidly. Our group was clearly not valued by management, even though the technical field, our partners and customers absolutely loved us. So we suffered the death of a thousand cuts till I finally couldn't take it and left. I realized you don't have to work with depressed, demoralized people.