Pros
P&G was probably a great company to join a decade or two ago. What is left now are pretty good internal trainings and some smart people (the ones that have not given up yet).
Cons
Since the business model is not working anymore, the company desperately tries to cut cost everywhere instead of focusing on creating new business opportunities. People are constantly fired. Results are getting worse and most of the good people have already left the sinking ship. Even though the people at P&G are pretty smart and would be an incredible "raw material", the processes and the culture of constant-double checking and reconciling, kill any new idea and creativity in general. To me, it is the most uninspiring work environment I have ever worked in. Career progression is at an all-time low. Promotion steps that took 4 years in the past are now 9-10 years. Changes between assignments get longer, remaining assignments are more and more donkey work of administrative positions vs. value creating job. People in general are feeling very unhappy, culture starts to become toxic. On top, if you decide to join P&G, they won't tell you in which business unit you will end up. They place you and basically one week before you start your job, they will tell you. This is a big minus in case you have other offers where you exactly know what you will be doing. Afterwards you will change your assignment ever 3 years, again with limited influence. The company fills roles more on a need basis instead of taking into account your specific skills and preferences.