Pros
Honeywell's "revolving door" philosophy makes it a leader in providing the 3-5 years of experience required to obtain your dream job. You will have the opportunity to work with some bright, talented, and personable people.
Cons
You will also find that many employees from the pre-Honeywell era are simply counting the days until their retirement. You can obtain the experience you need for gainful employment outside of Honeywell if you can stand listening to senior employees say thing like "this used to be a fun place to work". Surveys conducted by the company will indicate your compensation is competitive, but I found that my own pay was ~20-30% below that of my contemporaries from school. My first (prorated) merit increase in my new job was more generous than any merit increase I received from a full years' work for Honeywell. Even while RIF's occurred at lower levels within the company, new roles were being created in upper management with goals which sounded arbitrary, or redundant with those of existing positions. This gave me the impression that the cautious fiscal conservatism preached in quarterly updates was little more than a way to funnel pay out of low-level employees' pockets to support cronyism in upper management.