Pros
Honeywell is a huge corporation with over 120,000 employees worldwide, so things tend to vary by division and location. They are a process oriented organization, and provide a significant amount of training, pretty good benefits, and exposure to world class technology in many cases. I believe that executive management is competent, and leading the company in the right direction.
Cons
Because of its size, you sometimes feel like a cog in a giant wheel, where the quarterly earnings are all important. They will cut quickly to make projected numbers, without much regard for the long term. Much of HON is a manufacturing driven organization, and has a hard time truly understanding some of their service based businesses. There can also be competition in the marketplace between various HON divisions. Although they claim to take an objective approach, if you are in a company acquired by HON, leave quickly, as they will gut it and put their own people in place (even as they say they won't).