Pros
Solid company. Great benefits. Excellent brand recognition. If you are on a team that is well run and isn't faced with internal competition, you have the potential to work in a very collaborative environment where you will be challenged to contribute your best. Expectations are high, but the quality of talent around you is also high. The resources and tools around you are top-notch. You will learn and grow.
Cons
If you are in a group where there is either internal competition (such as multiple groups doing similar jobs) or a lack of a stable history (constant restructurings, name changes or leadership changes) you may be faced with heavy politics, people throwing others under the bus and a constant worrying of whether your job will continue to exist. Annual raises have been nonexistent for entire divisions over the last couple of years. Many people have left and returned to Oracle because that was the only way they would get their fair market value. The company has caught on to this and is heavily discouraging that practice. A manage-up culture.