Pretending to be innovative is not the same thing as being innovative.
Pros
The best reason is the pay - it's one of the highest in the area by at least 10-15%. IBM just implemented a compensation initiative to standardize the pay for all employees based on job function, geography, and skill level. The Global Services section of IBM has lots of opportunities to work with clients from many fields and industries so as a consultant it adds a lot to skill set and knowledge. IBM Research is doing amazing things but that mindset doesn't flow through the rest of the company.
Cons
The Old Guard. Those in the upper levels of management who want to compete with more agile and forward-thinking companies, but have no concept of how to do it and don't want to listen to people who have worked for the competition. As an example - the Old Guard realized that we needed a Chief Creative Officer to compete with Sapient, Frog, etc. So the Chief Technology Office is now the Chief Creative Officer! Great fix, right? And they have no idea why that just makes no sense whatsoever. Global Services wants to be perceived as innovative but we offer nothing right now that shows we actually are.