Pros
SAP has always been one of the better tech giants to work for. They are well managed, consistently ranked one on the Top 100 Best places to Work (here in North America), have lot's of great talent and very professional caliber people there. They offer all types of roles, no matter what you do. I have nothing but good things to say about them.
Kontras
I was recently hit with a reorganization and lost my job. SAP, up until 2014, had a strong history of no layoffs, due to it's Co-CEO arrangement with Bill McDermott (US) and Jim Hagemann Snabe (Germany). However, McDermott took over as the sole CEO in 2014, and that's when the cuts and reorganizations started. It has heavily affected offices in Israel, North American and other locations. SAP is putting an "all-in" strategy into HANA and SAP Cloud, so it's beefing up those areas, while placing less focus (and investment) into other areas of the business (like Middleware tools, for example), so folks on those sides of the business are feeling the heat.