Pros
Very good benefits including health insurance, 401(k)/savings program, tuition reimbursement, etc. Company is good about macro-level communication - there is always updated information on intranet, daily news e-mails, regularly scheduled conference calls, etc. Verizon seems to be getting a bit better about making investments in other parts of the business besides the FIOS deployment. Verizon leadership may be starting to "get it" when it comes to what it takes to be successful in the enterprise space and is beginning to more intelligently develop new products and services in the Verizon Business unit though ability to execute is still very hit or miss.
Cons
No effort made to develop the next generation of leaders like great companies like General Electric invest in. Traditional top-down, cost management model (i.e. look at the revenue numbers and cut headcount to make the short term profit numbers with no regard to customer impact). Still very bureacratic environment, many layers of management plus additional "cops" on top of that. Employees are given almost no input in to real changes that affect their day-to-day jobs. While there are regular satisfaction surveys, they tend to drive very visible activity by senior leadership team but absolutely no change in behaviour from the management levels below that.