Pros
Virtual working, work-life balance, incredibly low standards and the ability to learn from some really smart folks. Depending on the area of the business, if you have even a modicum of intellect, you'll get visibility and get to touch a lot of different things. This entire review is for the Technology business, and really only for professionals & managers. The associates and basically any non-professional role in Xerox Services will have an entirely different experience. If you are smart, you're pretty safe from RIFs. There's a ton of fat to trim before they start getting to the meat and luckily, RIFs are fairly performance based. Very little favoritism. You have to be an unadapted dinosaur or a very poor performer to get RIFed, unless they outsource/close your BU.
Cons
You won't ever get a raise unless you're a senior, senior leader (SVP+). You'll get grade increases with no compensation increases, which basically strikes one of your chances to get more money, since annual increases are a 'thing of the old economy.' At Xerox, any increases aren't a thing of the new economy either. And heaven forbid you work your way up from the entry level (very possible, I started as a contract associate and ended as a senior second level manager), your money will lag FOREVER.