IBM GBS Consulting: 100% utilization + poorly scoped/managed projects = NO work/life balance and LOW morale.
Pros
PERCEIVED IBM brand. Great opportunities for different types of consulting assignments, though not so much anymore due to the infighting for bill rates between organizations. Good job security but poor opportunities to grow, so if security's your only criteria in measuring a 'GREAT' company, then it's an OK place. 90% of your IBM colleagues are truly GREAT and you will learn far more from each other than the company.
Cons
Consultants have NO work/life balance; just utilization targets. Period. Anyone who tells you otherwise isn't a full time consultant at IBM. Negotiate your salary VERY carefully before you sign off. Virtually NO raises once you get in, and you'll quickly find that new hires (many MUCH less experienced), make MUCH more than you do because they knew how to research and negotiate better. Also, bonuses are a joke so focus on your BASE pay.