Pros
SAP being a 40 year old Enterprise Software company offers a very stable work environment. SAP Labs is the R&D division of the company. Work is interesting, as we keep exploring new opportunities to build new features and products. The culture is consensus oriented. There is not too much of hierarchy.
Cons
Depending on which part of the organization you are in, the nature of work can vary dramatically. SAP has seen tremendous success with its ERP applications. But, success has been far and few in other areas. The company is trying to reinvent itself in areas of Cloud and Mobility. Do not expect to work on the latest and greatest of technologies. Speed of innovation has been another challenge. Things tend to move slow, and the focus is usually on delivering a near perfect solution rather than something quick and good enough.