Pros
I've always held salaried positions, never paid for OT. This is the first company where I haven't had to beg for comp time. My boss actually *tells* us to take a day off when we've worked late. When I was hired, I was also told that I was expected to change departments every few years, to avoid being pigeon-holed. Most people in IT are familiar with that problem. JPMorgan Chase wants their employees to learn as much about the business as is humanly possible. It makes us valuable, not tired, stagnant, and unhireable (which is pretty painful if you've ever been laid off). I also don't expect to see any layoffs soon. That's almost unheard of in the past decade.
Cons
Lots of bureaucracy, just like any large company. Lots of forms to fill out, quarterly reviews. It's hard to get new tools (like software) because it has to be approved at several levels, then tested. On the other hand, while we don't have bleeding edge software, what we do have is pretty stable. I was also led to believe that I would get a sizeable bonus at year end. I was seriously disappointed. The bonus was supposed to make up for the pathetic raise (which I did not have advance warning on). Worst raise I've ever gotten. And yes, I had a good performance review.