Pros
By and large, fantastic co-workers. Some wonderful projects, technically very interesting. Development environment is a smoothly oiled machine that can be highly productive. Fellow IBMers, by and large, very supportive when their management doesn't stop them.
Kontras
Mediocre middle-managers. Some major, expensive technical decisions made to advance personal careers at the expense of the company. If you are not in a 'hot' area (currently anything with 'analytics' in the title) then it's challenging to get funding, and without money life becomes grim, even if the area is profitable or essential for other areas. In the last 8 years it has increasingly felt like the Soviet Union, where fear becomes a primary motivational tool. Managers are easily fooled by ambitious employees. Your time is better spent working on some minor (and typically low-value) project that helps the manager than actually improving the product, or fixing customer problems.