Pros
GE is a world-class company with world-class opportunities, loaded with interesting technology, friendly and intelligent peers, solid middle management, and a real commitment to integrity through all layers of the company. At GE you have the opportunity to work on some of the most interesting problems in the world and work with some of the best people in the world. As long as you're just in it for interesting work and don't care about getting top-tier pay/benefits and don't care whether or not the company values engineering contributions or talent, it's a great place to work.
Cons
GE's management is presently relentlessly pursuing cost savings in order to meet goals necessary to unlock a 20% increase in executive bonuses (google 'ge executive bonus 20% increase'). As a part of this, GE has recently - Doubled-down on globalization, asking US-based engineers to train their global counterparts while making massive cuts in the US and staffing up in global centers - Moved to pay in arrears, effectively stiffing the employee base out of a weeks' pay in the short term - Moved to 'permissive leave' for all employees, and shortly thereafter began applying pressure to take less vacation that we were previously allotted ('well, I see that you've already used more leave than <insert peer name> this year, are you planning to cut back for the rest of the year') - Stiffed patent awardees out of the usual bonus associated with receiving patents (four figures) - Capped the global reward & recognition program at $500 (which adds a little salt to the wound, since it's being done in pursuit if increased exec bonuses) - Cut funding from the employee affinity networks - Cut budgets for travel and training, including making internal travel & training nearly impossible (Crotonville, for instance, which is a bright spot within the company) - Regularly promised an end to layoffs, while executing at least 2-3 waves of layoffs per year at profitable businesses while hiring contractors and offshore engineers - Frozen pay increases for the most senior engineers for 3 years - Allowed salaries for the remainder of the engineering workforce to stagnate There have been so many other things that I'm surely forgetting a few, but you get the idea. As you can imagine, this has led to an outflow of talented individuals, and a loss of community knowledge for our core products. The situation hasn't gone critical yet, but whether or not management know it, they are on a path to a scary place.